Medicare is a federal health insurance program that has provided coverage to millions of Americans since it was signed into law in 1965. It’s an essential part of the U.S. healthcare system, providing coverage to seniors, people with disabilities, and those with limited finances.
Medicare covers a wide range of services, from preventive care and hospitalization to prescription drugs. It also covers certain home care services, such as skilled nursing and home health aides. All Medicare-covered services are provided without cost-sharing; that means no co-pays or deductibles.
To be eligible for Medicare, you must be 65 or older, or under 65 but with a disability or end-stage renal disease. If you’re employed or covered by a health insurance plan, you may still qualify for Medicare coverage. You may also be eligible for Medicare if you qualify for Medicaid or receive Supplemental Security Income (SSI).
There are four parts to Medicare: Part A covers inpatient care in hospitals and other medical facilities; Part B covers doctor visits, outpatient care, and certain home health services; Part C covers additional benefits not included in Part A or B, such as prescription drugs and mental health services; and Part D covers prescription drugs.
If you’re enrolled in original Medicare, you’ll have the option to purchase a Medicare Supplement (Medigap) policy to cover some of the out-of-pocket costs associated with Parts A and B, such as deductibles and coinsurance.
Medicare Advantage plans are another option. These plans combine Part A and B coverage and may include additional benefits, such as vision and dental. Depending on the plan, they may also include prescription drug coverage.
It’s important to understand the options available to you and to review any costs associated with them. Talk to family, friends, and your doctor to help you make an informed decision.
Medicare has become a critical part of our healthcare system, helping millions of Americans get the care they need. If you’re eligible, it’s worth taking the time to understand all of your options and determine the best plan for you.