What is Medicare and why is it important?
Medicare plays a key role in providing health and financial security to 60 million older people and younger people with disabilities. It covers many basic health services, including hospital stays, physician services, and prescription drugs.
Who is entitled to Medicare?
Do you have to pay for Medicare when you turn 65?
Most people age 65 or older are eligible for free Medical hospital insurance (Part A) if they have worked and paid Medicare taxes for at least 10 years. You can enroll in Medicare medical insurance (Part B) by paying a monthly premium.
I am still working do I need to enroll in Medicare when I turn 65?
If an employer provides Creditable Health coverage for someone that is turning 65
the 65 year old can opt to deferred Part B but is recommended to enroll in Part A.
What are the parts of Medicare?
Original Medicare is a fee-for-service health plan that has two parts: Part A (Hospital Insurance) and Part B (Medical Insurance).
What’s covered under Part A?
You usually do not pay a monthly premium for Part A coverage if you or your spouse paid Medicare taxes while working for a certain amount of time. This is sometimes called premium-free Part A. If you are not eligible for premium-free Part A, you may be able to buy Part A.
What’s covered under Part B?
Medical Insurance. These are services that take place outside the hospital care.
Most people pay the standard Part B premium amount.
What’s Covered under Part D?
Prescription drug coverage
What’s Covered under Part C Medicare Advantage
Are health plans provided by the Private Insurance carriers.
What is a Medicare Supplemental Plans (Medigap)?
This plans takes care of the 20% that Medicare does not. There are various plans with different premiums. These plans DO NOT include Prescription Drug Plans (PDP) with them, one will need to purchase a stand alone PDP.
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