Elementary Guide To Understanding Your Medicare Coverage And Costs In America

Posted on September 6, 2010
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If you are an American close to age 65, you are probably thinking about Medicare. If you are 65 or over, you are probably dealing with it. Medicare was started as a government provided health insurance program in 1965. It seems to be constantly evolving towards greater complexity. Hopefully the following information will aid you in understanding your Medicare coverage

Medicare consists of several parts, each of which has quite different rules. In some ways they are independent of each other, in other ways they are not. Following is a survey of the parts. Please be aware that specific dollar amounts are for either 2009 or 2010.

Part A covers hospitalization and related expenses. For a $1,068 copayment it will pay for up to 60 days of hospitalization. After that, for the next 90 days, it pays some of the costs. Anything beyond that is not covered. It may cover stays in a skilled nursing facility, but there are fairly stringent limits on this.

Medicare Part B is general medical insurance. It covers most medical expenses except for hospitalization and most medications. It covers large categories of medical equipment such as wheelchairs and artificial limbs. Most people pay $96.40 per month for Part B. Those with incomes greater than $85,000 for individuals or $170,000 for married couples will have to pay between $134.90 and $308.30 per month, depending on their income levels.

Medicare Part C is also referred to as Medicare Advantage. This part is optional. It integrates the other parts of Medicare with coverage provided by private health insurance companies. It is difficult to summarize because this is done in many different ways with many different cost structures. Many people who already have health plans that they like have chosen Medicare Advantage so that they can gain the financial advantages of Medicare with minimal changes to their health plans.

Part D, which covers prescription drugs, is also optional and also consists of many different plans with different rules. Part D plans may combined into Medicare Advantage Plans. They are private insurance products.

Medicare Supplement Plans are also referred to as Medigap. They are private health insurance plans that cover some of the gaps in Medicare. Newer Medigap plans can cover Parts A and B, but not Part D. A person cannot have both a Medigap plan and Medicare Advantage Coverage.

That’s an introduction to the complexities of Medicare. This is just a start. Understanding your Medicare coverage is an ambitions project in many cases.

Do you have questions about the latest medigap and Medicare Benefits? Well, if you do, you should check into the knowledge we have to provide you. You can get Medicare Supplement easy and fast like you should with us.

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