Medicare is an important national health care plan in the United States, started in 1965 under the Social Security Act and currently administered by the Centers for Medicare & Medicaid Services. Medicare provides coverage to individuals 62 years of age or older, as well as their families. It serves as an income replacement for most seniors, providing them with the additional income they need to secure basic and required necessities such as food, clothing, shelter and medical treatment. Medicare financing may be managed by the individual, through a Medicare Advantage Plan or through a Medicare Part D provider.
Medicare has four different parts including Parts A, B, C and D. Medicare Parts A, B, C and D are all nationally recognized as Medicare benefits. They cover nursing home costs, certain Medicare Part D medications and some Medigap policies and may be traded as a Medicare Part A and Part B supplement. Medicare Parts A and B also provide coverage for Medicare Advantage Plans, health insurance costs not covered by Medicare. Medicare Parts A and C cover doctor visits and generic drugs, respectively, in addition to health insurance costs. Medicare Parts D and E take care of outpatient medical expenses, disability income and other specific benefits. These Medicare benefits are paid for with Medicare premiums.
In order to qualify for Medicare, you must have served in the military or be a member of the Selected Reserve. You must also have been disabled for a minimum of six months and be in financial need. Once you qualify, you will receive a Medicare Supplement and Medicare Insurance premium from the government. Depending on your selection, there will be one or more hospitals that are funded by the government to participate in Medicare. Most of these are major medical centers with admitting procedures similar to those found in hospitals outside the system.
When choosing your Medicare supplement, it is important to understand the differences between the two basic plans. Medicare part A is the original Medicare program and part B is the Medicare prescription drug coverage. There are several differences in the programs, which can make choosing a Medicare supplement or changing your Medicare prescription drug coverage complex. The three most significant differences are: coinsurance, increase in Medicare member percentage and minimum coverage levels.
Coinsurance is basically a calculation where you multiply the amount you pay for each doctor visit by the number of doctor visits per year. This is not the same thing as the health maintenance organization, or HMO, the discount that is offered with Medicare part c. Medicare part it allows you to choose a network of healthcare providers that are accepted nationwide and standardized. While Medicare part it does limit your choices, it does provide more freedom than the original Medicare Advantage Plans provides.
Increase in Medicare eligibility is based on the increase in monthly income, savings, increasing lifetime earnings and investment gains and other factors. Eligibility for ssi will change once you become disabled, become unemployed or quit working. The easiest way to find out if you are eligible for Medicare is to go online. You can find a list of providers in your area and medical underwriters that will provide you with quotes. You can also look up your own data to find out if you meet the guidelines for Medicare eligibility.