Medicare Eligibility And Coverage
Medicare is a social insurance program administered by the United States government that provides health insurance coverage to people who are aged 65 or older. Another requirement for Medicare eligibility is having paid money or taxes into the Medicare system for at least ten years. Seniors below 65 years old can also avail of Medicare benefits if they have a disability or have been diagnosed with permanent kidney failure.
Medicare benefits include hospital insurance, medical insurance, and prescription drug plans. These are usually referred to as Part A, B and D. Recently, Medicare coverage is increased to include another type of insurance plan called Medicare Advantage. This is Part C.
Part A: Hospital Insurance. Medicare can help pay for your inpatient costs at a hospital, clinic or ambulatory surgical centers. It can also assist on payments for home health care, skilled nursing service and hospice, provided that you meet additional criteria. This benefit does not require any premium payments since this is already paid for with the Medicare taxes deducted from your paycheck when you were still working.
Part B, or medical insurance, covers outpatient costs, and some services and products not covered by Part A. Examples include professional fees, laboratory, and diagnostic tests, x-rays, blood transfusions, renal dialysis, drugs covered by Medicare and medical equipment such as canes, walkers and wheelchairs. Most people pay monthly premiums for Part B.
Part D: Drug Prescription Plans. The Medicare Prescription Drug coverage helps pay for medicine not covered in Part B. Aside from reducing your prescription medicine expenses, it can also be your defense against higher expenses in the future. The plans are approved and regulated by Medicare, but is actually administered by private insurance companies.
Part C: Medicare Advantage Plan. This is basically another method to get your Medicare benefits. It combines Parts A, B and some aspects of Part D. Private insurance groups endorsed by Medicare administer these plans. The policies cover services that are medically essential and can charge non-standard deductibles, co-payments, or co-insurance for these services.
However, Medicare is not meant to cover all the medical expenses of its beneficiaries. There is also the concern that the number of beneficiaries will soon outnumber the working population who are the ones funding the Medicare program. Some predict that, if this trend continues, the federal government will not be able to sustain Medicare after 2018 or so.
Still, the advantages outweigh the disadvantages. It is important to learn as much as you can about Medicare eligibility rules and coverage. In the end, education is the key to making the most of your benefits.
There are a variety of Medicare plans to decide on including the Medicare Advantage Plan. If you need coverage research Medicare eligibility to see if you meet the requirements.
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