Medicare - What You Need to Know

1. WHAT IS MEDICARE?

Medicare is Health Insurance, sounds simple doesn't it? If only the authorities who administer Medicare had not done their best to over complicate the process. People turning 65 are sent a 150 page book from Medicare which is supposed to explain Medicare to those who are becoming Medicare eligible. Unfortunately in most cases it does anything but this and causes more confusion. In addition medicare eligible persons are overwhelmed with mailings from Insurance Companies promoting their products but giving very little information. So this blog will focus on providing information. 

Medicare is Health Insurance for a specific group of people:

• People 65 or older
• People under 65 with certain disabilities
• People of any age with End Stage Renal Disease (ERSD) (permanent kidney failure requiring dialysis or a kidney transplant).

2. HOW DOES MEDICARE WORK?

Medicare is divided into 4 parts.

• Part A
• Part B
• Part C
• Part D

Part A also called Hospital Insurance helps cover inpatient care in hospital. It also helps cover skilled nursing facility, hospice and home health care.

Part B also called Medical Insurance helps cover doctor's and other health care provider's services, hospital outpatient care,durable medical equipment and home health care. Recently it has also been extended to cover many preventative services and to help maintain your health and to keep certain illnesses from getting worse.

Part C, also called Medicare Advantage is an alternative to Medicare and are offered by Medicare approved private insurance companies.

Part D, also called Medicare Prescription Drug coverage. This helps cover the cost of prescription drugs. It may help lower your prescription drug costs and help protect against higher cots.

In our next post we will look more closely at Part A.