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And What About Medicare?

Provided by the federal government Medicare is a health insurance program that covers American citizens once that turn 65 years old. It was created for coverage for those who have entered retirement. Seniors are not the only ones who qualify for Medicare. Individuals with certain disabilities who are younger, those who are facing end-stage renal disease or kidney failure that requires a transplant or dialysis are candidates for Medicare. The Medicare program has four parts to it and they each offer different benefits and services. 

Hospital Insurance - Part A 

Inpatient hospital stays, needed assistance like stay at home nursing, home care and hospice are covered by Medicare. If you paid Medicare taxes while you were working, either you or your spouse, there will be no need to pay a premium. If you signed up for social security benefits if you are eligible for Part A, you are usually enrolled 3 months prior to your 65th birthday. 

Medical insurance- Part B

This part mostly takes care of doctor services. Matters like outpatient services (including non-overnight stays), diagnostic tests (X-rays), medical supplies and the preventive measures such as checkups, vaccines and screenings. For this part you will have to pay a monthly premium. Part A and B combined is known as Original Medicare. 

Medicare Advantage- Part C 

These plans give benefits to Part A and B providing consumers with additional coverage options. Part C adds on dental, hearing, vision and prescription medications. Private insurance companies offer Medicare Advantage plans. They are not funded by the government, but they are contracted by the government. At times, they team with a HMO or PPO to offer some of the services. 

Prescription Drug Coverage- Part D  

This plan takes care of your prescription drug coverage. It is only offered through private insurance companies. If you do not have drug coverage, you have to option of separately buying a Part D plan. But if you have a Medicare Advantage that happens to include prescriptions drug coverage, there is no need to buy a separate Part D plan.