Medicare Insurance

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Medicare is the federal health insurance program designed for:

• Individuals aged 65 and older
• Certain younger people with disabilities
• Those with End-Stage Renal Disease (ESRD)

Parts of Medicare:

1. Medicare Part A (Hospital Insurance):

• Covers inpatient hospital stays, skilled nursing facility care, hospice care, and some home health care.

2. Medicare Part B (Medical Insurance):

• Covers certain doctors’ services, outpatient care, medical supplies, and preventive services.

3. Medicare Part D (Prescription Drug Coverage):

• Helps cover the cost of prescription drugs, including recommended shots or vaccines.

Premiums:

• Most people don’t pay a monthly premium for Part A.
• Part B requires a standard monthly premium, with additional costs based on income.
• Part D premiums vary, and costs depend on the chosen plan.

Enrollment Options:

1. Original Medicare:
   • Includes Part A and Part B, with payment for services as you receive them.
   • Additional coverage can be obtained through Medigap policies.
2. Medicare Advantage:
   • Offered by private companies, providing an alternative to Original Medicare.
   • “Bundled” plans include Part A, Part B, and often Part D, with potential extra benefits.
   • Yearly contracts and adherence to Medicare’s coverage rules.

Prescription Drug Coverage (Part D):

• Join a Medicare-approved plan for drug coverage.
• Varies in cost, covered drugs, and tiered formulary.
• Monthly premiums and additional costs depend on the selected plan.

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