Medicare
Medicare is a health insurance program administered by the government for:
People age 65 or older.
People under age 65 with certain disabilities.
People of all ages with End-Stage Renal Disease (permanent kidney failure requiring dialysis or a transplant).
Medicare Insurance
Medicare insurance has two parts:
Medicare Part A - Hospital Insurance.
Medicare Part B - Medical Insurance.
Part A helps pay for care in hospitals as an in-patient, critical access hospitals (small facilities that give limited outpatient and inpatient services to people in rural areas), skilled nursing facilities (not custodial or long-term care), hospice care, and some home health care.
If you meet the eligibility criteria for Medicare (you or your spouse paid Medicare taxes for at least 40 quarters - equivalent to 10 years employment), you don't need to pay for Part A. If you paid Medicare taxes for less than 40 quarters, you can still obtain Medicare for a monthly fee.
Part B helps pay for medically necessary doctors' services, outpatient care, and some other medical services not covered by Part A. Part B is optional, and normally requires a payment of $96.40 per month (for 2010, unchanged from 2009). Most people eligible for Medicare choose to pay for Part B.
Medicare Supplement
In addition to Parts A and B, individuals may choose to purchase a Medicare supplement such as a Medicare Prescription Drug Plan or a Medicare Advantage Plan, which operates similar to an HMO or PPO plan.
July 31, 2010
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