What is it?
Medicare Explained
Medicare is a federally-funded health insurance program in the United States that primarily provides coverage to individuals who are 65 years of age or older, as well as some younger individuals with certain disabilities or medical conditions. The program is administered by the Centers for Medicare & Medicaid Services (CMS) and was established in 1965 under the Social Security Act.
The program is funded through payroll taxes, premiums paid by beneficiaries, and general revenue. Medicare provides health care coverage to more than 60 million Americans.
WHat Are
the PARts
OF Medicare?
Medicare Explained
1. Part A (hospital insurance): covers inpatient hospital care, skilled nursing facility care, hospice care, and some home health care.
2. Part B (medical insurance): covers medically necessary services and supplies, such as doctor visits, outpatient care, preventive services, and medical equipment.
3. Part C (Medicare Advantage): allows beneficiaries to receive their Medicare benefits through private insurance plans that contract with Medicare.
4. Part D (prescription drug coverage): helps cover the cost of prescription drugs.
HOW CAN MEDICARE WORK FOR YOU?
Medicare Explained
If you are eligible for Medicare, it can work for you in several ways:
Coverage of medical expenses: Medicare can help cover the costs of your medical expenses, such as hospital stays, doctor visits, lab tests, and prescription drugs.
Peace of mind: With Medicare, you can have peace of mind knowing that your healthcare expenses are covered, which can help reduce financial stress.
Preventive care: Medicare can cover many preventive services, such as annual wellness visits, cancer screenings, and flu shots, which can help you stay healthy and catch any health problems early on.
Choice of providers: Medicare allows you to choose from a wide range of healthcare providers who accept Medicare, giving you more flexibility in choosing the healthcare services that are right for you.
Supplemental coverage: Medicare offers supplemental coverage options, such as Medigap plans, Medicare Advantage plans, and prescription drug plans, which can help fill in the gaps in your coverage and provide additional benefits.