The Healthcare Guys: Medicare

Medicare is a federal health insurance program in the United States that is primarily for people who are 65 or older, although some younger people with certain disabilities are also eligible. The program was created in 1965 as part of the Social Security Amendments and is administered by the Centers for Medicare and Medicaid Services (CMS).

There are four parts to Medicare: Part A, Part B, Part C, and Part D.

Part A is the hospital insurance component of Medicare and covers inpatient care in hospitals, hospice care, and skilled nursing facility care. It is generally premium-free for most beneficiaries because they or a spouse paid taxes for it when they worked.

Part B is the medical insurance component of Medicare and covers a variety of services, such as physician services, preventive care, and certain types of medical equipment. Beneficiaries generally have to pay a monthly premium for Part B coverage.

Part C is also known as Medicare Advantage plans, which are offered by private insurance companies and are an alternative way to receive Medicare benefits. These plans usually offer extra benefits that Original Medicare does not cover, like vision, hearing, dental care.

Part D is the prescription drug coverage component of Medicare. it is also run by private insurance companies, and allows you to purchase a separate plan to provide coverage for prescription drugs.

Medicare is an important health insurance program in the United States, as it provides coverage to millions of older and disabled Americans who might not otherwise have access to health insurance. However, there are some limitations to the coverage provided by Medicare. For example, it does not cover all types of long-term care, such as custodial care in nursing homes, and it also has limits on how much it will pay for certain types of care. Additionally, it doesn’t cover most dental care, vision and hearing aids, private-duty nursing, and some other services. But there are options for beneficiaries who wish to have additional coverage, through Medigap or Medicaid, which is a joint federal and state program that helps with medical costs for some people with limited income and resources.