What You Should Know About 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.
Most people don’t have to pay for Part A, since this is already paid for in advance by their Medicare contributions, which are automatically deducted from their paycheck. Medicare subsidizes inpatient costs at hospitals, clinics, or ambulatory surgical centers. It can also be used to help pay for home health care, skilled nursing service and hospice care, provided that certain criteria are met.
Part B: Medical Insurance. This benefit helps pay for some services and products not covered by part A, which are mostly outpatient costs. These 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. This optional benefit requires premium payments, which can be higher if you don’t sign up for it when you become eligible.
Part D helps pay for prescription medicine and other drugs not covered by Part B. It also provides protection from higher expenses related to this in the future. Also approved and regulated by Medicare, prescription plans are actually administered by private 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.
Some people perceive the fact that Medicare cannot cover all possible medical expenses of its beneficiaries are perceived as a disadvantage. However, of greater concern is the increasing number of beneficiaries versus the working population, which are basically the source of Medicare funds. It may reach the point where the federal government will no longer be able to support the Medicare program. Some people predict that this situation could come as early as 2018.
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 numerous Medicare plans to choose from including the Medicare Advantage Plan. If you need coverage research Medicare eligibility to see if you meet the requirements.