What is Medicare?What is Medicare - Part A, B, C, D? Geesh! Most of you know exactly what Medicare is and what it does... but it does get complex. For those who have a few questions, we'll do a quick overview of what Medicare actually is for, or at least what it was supposed to be for... the links will get more specific, ok? Medicare started as a supplemental insurance for those who were over the age of 65 and were probably retired. It gave them the ability to have adequate coverage for their retirement years and to have affordable medical care. In addition to those who are over 65, Medicare was also to be a federally mandated insurance coverage for those who had disabilities, even at a younger age. It was to be used by those who were disabled, had the need for dialysis and other treatments that are associated with what is called ESRD, or end stage renal disease. Medicare was adequate when it began and for some people it is adequate today. For others, it falls a bit short of the mark. What is Medicare Part A? Medicare Part A is the part of Medicare that covers you when you need home health care, a skilled nursing care facility, hospice care, or if you require hospital care as an in-patient. In other words, it gives us the money to allow us to be treated in all the places we don't want to be. You probably won't be required to pay any premium for Medicare part A. Medicare Part A plan though actually covers very little. It does take care of most hospital bills but you may be required to make a co-pay and as a standalone it does not cover some treatments or medications that you will need after a hospital stay. What is Medicare Part B? Medicare Part B: The part that is much more to our liking in one way, but less so in others. This is the aspect of Medicare that will cover services that are generally performed on an outpatient basis. It will pay for your physician's care, for outpatient services at the hospital, as well as essentially any services that Part A doesn't want to cover. You will quite likely have to pay a premium for Medicare Part B services, which is normally deducted from your Social Security check. In 2010, most people will continue to pay the 2009 Part B premium of $96.40, even though the 2010 standard monthly Part B premium is $110.50. A few examples of what Medicare Part B will cover include: What is Medicare Part C? Coming along years later as part of a reform package, Medicare Part C is what is known as the Medicare Advantage Plan. It combines Part A and Part B in order to offer you both types of coverage. The major difference in Medicare Part C is that the coverage is offered by a private insurance company. In some cases, you will get more benefits and a lower price for the coverage that you get. What is Medicare Part D? Part of the most sweeping reforms of Medicare, Part D Medicare is a prescription plan for drug coverage that will permit you to get lower priced medications. Most people do pay for this coverage but the premium is moderate. Not all Medicare part D plans are alike and some will cover medications that other types of Part D plans will not cover. You will select the coverage for yourself that best suits your needs for prescription coverage. In a great many cases, you're going to need some supplemental coverage to make sure that you are adequately covered insurance wise for your requirements. Particularly if you need medication on a regular basis, you will be well advised to take part in Medicare Part D. If you get employer-paid health care as part of your insurances, be sure to check with them -- sometimes if you enroll in Medicare Part D, you could lose their coverage... a simple phone call will work. There are other insurance companies who offer supplemental insurance to you that will help to cover the things that your Medicare insurance does not cover, and one of them may be a wise purchase.
|
