What is Medicare Health Insurance?
The Medicare Health Insurance is designed to take care of the medical requirements of the aged.
Anyone who is 65 years or older will fall under this plan.
It also provides assistance to elders who are disabled or suffering from end-stage renal failure and in need of dialysis or kidney transplantation.
The Medicare Health Insurance plan is administered by the United States Department of Health and Human Sciences and The Health Care Finance Administration.
There are four parts in Medicare Health Insurance: Part A-Hospital Insurance, Part B-Medical Insurance, Part C-Medicare Advantage and Part D-Prescription drug Coverage.
These plans are discussed as under.
Part A-Hospital Insurance This part covers in-patient hospital services, skilled nursing care, home and hospice care.
If you had paid Medicare taxes during your employment, you will not need to pay the premium.
But you will be required to pay co-insurance and deductible charges.
It provides a strong coverage for 60 days of hospitalization.
Mostly, you will have to pay around $992 for 60 days hospitalization and the remaining expenses will be borne by Medicare.
But if the hospitalization exceeds 60 days, the policy will cover fewer and fewer expenses.
And finally, if the hospitalization goes beyond 150 days, Medicare will not pay any of your medical expenses.
Part B-Medical Insurance This provides coverage for your doctor's fees, medical supplies and medical equipments which are durable in nature.
It also provides coverage to outpatient hospital treatment, laboratory services, hepatitis B and flu shots.
It also covers preventive services like tests for prostate cancer, colorectal cancer, diabetes, mammograms, glaucoma, bone mass measurement and cardiovascular screening.
It will pay 80 percent of your medical expenses, outpatient hospital expenses and doctor's fees.
And it is compulsory for everyone who has taken up this policy to pay the monthly premium, co-insurance and the deductibles.
Part C-Medicare Advantage Only those who qualify for Part A and are already enrolled in Part B are permitted to enroll to a private health maintenance organization (HMO), provider sponsored organization (PSO), private fee-for-service organization (PFFS), preferred provider organization (PPO) and medical savings account (MSA).
You will be required to remit your monthly premium for Part B to Medicare and also a monthly premium for the Medicare Advantage Plan.
Part D-Prescription Drug Plan This provides coverage to people of any income group, health conditions, and irrespective of their prescription drug usage.
But only members enrolled to Part A and Part B will be given choice for prescription drug plan.
But one cannot enroll to the Medicare Advantage plan and also to the prescription drug plan.
It offers many options of monthly fees, providers, deductibles and types of coverage.
If you already have a prescription drug plan and you apply for Medicare Advantage Plan, then you will be removed from your prescription drug plan coverage.
And you will be penalized if you enroll to prescription drug plan if you were never before enrolled to any creditable drug plan.
Medicare opens enrollments from November 15 every year till the end of December.
Anyone who is 65 years or older will fall under this plan.
It also provides assistance to elders who are disabled or suffering from end-stage renal failure and in need of dialysis or kidney transplantation.
The Medicare Health Insurance plan is administered by the United States Department of Health and Human Sciences and The Health Care Finance Administration.
There are four parts in Medicare Health Insurance: Part A-Hospital Insurance, Part B-Medical Insurance, Part C-Medicare Advantage and Part D-Prescription drug Coverage.
These plans are discussed as under.
Part A-Hospital Insurance This part covers in-patient hospital services, skilled nursing care, home and hospice care.
If you had paid Medicare taxes during your employment, you will not need to pay the premium.
But you will be required to pay co-insurance and deductible charges.
It provides a strong coverage for 60 days of hospitalization.
Mostly, you will have to pay around $992 for 60 days hospitalization and the remaining expenses will be borne by Medicare.
But if the hospitalization exceeds 60 days, the policy will cover fewer and fewer expenses.
And finally, if the hospitalization goes beyond 150 days, Medicare will not pay any of your medical expenses.
Part B-Medical Insurance This provides coverage for your doctor's fees, medical supplies and medical equipments which are durable in nature.
It also provides coverage to outpatient hospital treatment, laboratory services, hepatitis B and flu shots.
It also covers preventive services like tests for prostate cancer, colorectal cancer, diabetes, mammograms, glaucoma, bone mass measurement and cardiovascular screening.
It will pay 80 percent of your medical expenses, outpatient hospital expenses and doctor's fees.
And it is compulsory for everyone who has taken up this policy to pay the monthly premium, co-insurance and the deductibles.
Part C-Medicare Advantage Only those who qualify for Part A and are already enrolled in Part B are permitted to enroll to a private health maintenance organization (HMO), provider sponsored organization (PSO), private fee-for-service organization (PFFS), preferred provider organization (PPO) and medical savings account (MSA).
You will be required to remit your monthly premium for Part B to Medicare and also a monthly premium for the Medicare Advantage Plan.
Part D-Prescription Drug Plan This provides coverage to people of any income group, health conditions, and irrespective of their prescription drug usage.
But only members enrolled to Part A and Part B will be given choice for prescription drug plan.
But one cannot enroll to the Medicare Advantage plan and also to the prescription drug plan.
It offers many options of monthly fees, providers, deductibles and types of coverage.
If you already have a prescription drug plan and you apply for Medicare Advantage Plan, then you will be removed from your prescription drug plan coverage.
And you will be penalized if you enroll to prescription drug plan if you were never before enrolled to any creditable drug plan.
Medicare opens enrollments from November 15 every year till the end of December.
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