Medicare?

You’re about to turn 65 and keep seeing these advertisements on the tv, but they lack the articulation and depth to fully explain this new component of your life. Thousands of people are turning 65 every single day. I am sure you are also receiving a disruptive amount of mailers with limited information on them. Allow me to shed some light on the subject.

Medicare is a federal health insurance program in the United States that is primarily designed to provide coverage for people aged 65 or older, but also covers some people with disabilities and those with end-stage renal disease. Taxes, premiums, and general government revenue fund Medicare which is administered by the Centers for Medicare and Medicaid Services (CMS).

Medicare has four main parts: Part A, Part B, Part C, and Part D. 

Part A (Hospital Insurance): covers inpatient hospital stays, skilled nursing facility care, and some home health care services. 

Part B (Medical Insurance): provides coverage for physician and outpatient services, such as doctor visits, preventive services, and medical equipment. 

Part C (Medicare Advantage): is an alternative to traditional Medicare that allows beneficiaries to receive their benefits through a private insurance plan. Typically, it includes all the benefits of Part A and Part B and may include all the benefits of Part A and Part B and may include additional benefits, such as prescription drug coverage, vision, dental, and hearing services. 

Part D (Prescription Drug Coverage): provides prescription drug coverage. You can get Part D coverage through a standalone prescription drug plan or as part of a Medicare Advantage plan that includes prescription drug coverage. 

To be eligible for Medicare, you must be a US citizen or a legal permanent resident who has lived in the US for at least five years. You also must have worked and paid Medicare taxes for at least 10 years, or have a spouse who has done so. However, some people who have not worked enough may still be eligible for Medicare based on their spouse’s work history, or if they have a disability or end-stage renal disease. It is important to note that Parts A and B are also referred to as “Original Medicare” and Parts C and D are optional plans that can be added to “Original Medicare“. Medicare is an important part of the US healthcare system and provides critical healthcare coverage to millions of people. However, it is important to note that Medicare does not cover all healthcare services, and beneficiaries may be responsible for some out-of-pocket costs. HERE is a free downloadable resource I would recommend.