Medicare explained
What is Medicare?
Medicare is the federal health insurance program created in 1965 for people ages 65 and over, regardless of income, medical history, or health status. The program was expanded in 1972 to cover certain people under age 65 who have a long-term disability.
Medicare plays a key role in providing health and financial security to 60 million older people and younger people with disabilities. The program helps to pay for many medical care services, including hospitalizations, physician visits, prescription drugs, preventive services, skilled nursing facility, home health care, and hospice care. In 2017, Medicare spending accounted for 15 percent of total federal spending and 20 percent of total national health spending.
More specifically, Medicare is the federal health insurance program for people who are 65 or older, certain younger people with disabilities, people with End-Stage Renal Disease (permanent kidney failure requiring dialysis or a transplant, sometimes called ESRD).
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Parts of Medicare
Medicare Part A
Medicare Part A
Medicare Part A
Medicare Part A covers inpatient hospital stays, care in a skilled nursing facility, hospice care, and some home health care. Most of the time Part A does not cost a dime.
Medicare Part B
Medicare Part A
Medicare Part A
Medicare Part B is outpatient medical coverage. Part B helps pay for medically necessary services performed on an outpatient basis that are needed to diagnose and treat a medical condition.
Surgeries, lab work, and preventative services are all covered under Part B.
Medicare Part C
Medicare Part A
Medicare Part C
Medicare Part D
Medicare Part C
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Medicare Supplements
Medicare Supplement plans, also called Medigap, are designed to work with Original Medicare Parts A and B. Medigap policies help pay for some health care costs not covered by Original Medicare, such as deductibles, coinsurance and foreign travel emergency.
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