Eighty-four percent of Medicare beneficiaries are 65 or older.
Medicare is a national health insurance program that offers a range of benefits. In order to qualify for Medicare, you need to be a resident or citizen of the United States and be 65 years of age or older. You may also qualify if you are younger than 65 if you meet certain health criteria. As of 2011, Medicare comes in four main parts. There are also several standardized Medicare supplement programs, often called Medigap.
Medicare Part A
Part A, along with Part B, is considered traditional or original Medicare. Part A is the kind of Medicare beneficiaries qualify for and enroll in first, and is often offered without premiums. Part A benefits cover mainly inpatient hospitalization services, home health, skilled nursing facility care and hospice.
Medicare Part B
Medicare Part B is also part of traditional Medicare, but is not offered free of premiums. Part B features benefits for services you need to diagnose and treat an illness or medical condition and preventive measures such as health screenings, smoking cessation therapy and wellness programs. Most Part B services often require a copay, deductible or coinsurance payment.
Medicare Advantage
Medicare Part C is more often called Medicare Advantage. It allows beneficiaries to combine their Part A and B benefits with additional benefits by getting their Medicare coverage from private insurance companies instead of the federal government. Medicare Advantage plans must include all the benefits of traditional Medicare, except hospice, and be purchased from companies approved by the Centers for Medicare and Medicaid Services. Medicare Advantage benefits, deductibles, copays and premiums vary according to insurance company. Extra benefits usually include coverage for prescription medications, eye exams, glasses, hearing aids and dental work.
Medicare Part D
Medicare Part D covers prescription drugs only. Medicare users who already have Parts A and B can add Part D alone or get it through a Medicare Advantage plan. In order to enroll in a stand-alone Part D plan, you generally do not need both Part A and Part B, but you will if you try to get it through Medicare Advantage. Part D Medicare is also offered through private insurance companies.
Medigap
Insurance companies in the individual states are also allowed to sell ten standardized Medigap plans. Medigap plans help cover original Medicare's copays, coinsurance and deductibles, as well as offering extra benefits such as foreign travel emergency coverage and the cost of the first three pints of blood annually. Medigap plan F can be bought as a high-deductible policy, and plans K and L are cost-sharing plans with annual out-of-pocket fees. Since benefits are standardized, the only difference between different companies' plans is the price. Spouses must each buy their own Medigap plans to use with Medicare.
Tags: Medicare Part, Medicare Advantage, Medigap plans, Part Medicare, insurance companies, Medicare beneficiaries, Medicare Part Medicare
