What is Medicare
Medicare is a government health program initiated and administered by the United States which offers health insurance covering people who are 65 years old or over, and is also extended to permanently disabled people or congenital disabled people under 65 years of age. Medicare also covers anybody who is at the End stage renal disease. Medicare however does not cover all the medical expenses or long term health care expenses, though it takes care of timely basic healthcare.
The services offered by the program of Medicare are specific and are divided into four parts with Part A specifying Hospital Insurance, Part B for Medical insurance, part C representing the advantages of Medicare and finally part D to specify drug prescription coverage. Let’s take a detailed look into each one of them.
Hospital insurance covered in part A
- Hospital services for inpatients, trained nursing facilities and health care at home for occupational, physical and speech therapy are covered.
- Medicare part A comes with premium free for most of the people for the reason that they might have already paid Medicare taxes while in employment. However in the absence of such premium free Part A, you can still enroll to pay premium.
Medical Insurance covered by Part B
- Hospital services for outpatients, doctors’ or health care providers ‘service, home health care and medical equipment which is durable are covered here. These services include certain vaccinations, renal dialysis, blood transfusion ambulance transportation, chemotherapy, hormonal treatments, diagnostic services and eyeglasses.
- Standard monthly Medicare B premium is normally paid by most of the people.
Medicare advantage covered under Medicare Part C
- Medicare advantage plans are offered with extra benefits at extra cost.
- Approved private insurance companies offer various health plan options.
- Medicare advantage plans are specially designed to avail the services of Medicare Part A and Part B.
- In most cases, the Medicare Part D for prescription drug coverage can also be availed.
- Some preventive healthcare services offered by health maintenance organizations or preferred provider organizations along with the Advantage plans.
Medicare prescription drug coverage offered by Medicare Part D
- Run by private insurance companies who prescribe different cost covering a list of drugs.
- Cost of prescribed drugs in the list is fully covered.
- Helps in protecting against higher costs.
- Can also lower the cost of prescription drugs.
Apart from the services that are specified by the Medicare, there are definitely medical expenses and services that are required which is also taken care by a supplementary coverage offered through medigap policies which comprises of 12 plans which are administered by approved private companies.