Medicare is a federal health insurance program that provides financial assistance, healthcare needs, and drug coverage to elderly people or anyone who has a disability.
Medicare Eligibility
• People aged 65 and older
• Individuals, regardless of their age, who have certain disabilities
• People, regardless of their age, who suffer from end-stage renal disease or permanent kidney failure that requires dialysis or transplant
Medicare’s Two Basic Coverage: Part A and Part B
• Part A
This covers hospital expenses and services from hospice care, home healthcare, and skilled nursing facilities (short-term care).
Most people get this coverage when they turn 65 years old or when they reach their retirement age. They are also not required to pay the monthly premium because they have already paid for this while they were still working or their spouses paid Medicare taxes during their past employment.
Also, people who get their retirement plans and those eligible (even if they have not yet filed their claims) to the Social Security or the Railroad Retirement Board can automatically receive Part A without having to pay a monthly premium.
Furthermore, people with certain disabilities and those who suffer from the last stage of renal disease are excluded from paying the monthly premiums.
• Part B
This covers outpatient hospital care, doctor’s fee, and other healthcare needs which are not included in Part A such as occupational and physical therapy and home healthcare.
Medicare Part B requires individuals to pay a monthly premium of $96.40 (2009). However, the amount may be higher for people who did not choose this coverage when they turn 65 years old. Also, the premium for Part B may increase 10 percent every year if the beneficiaries did not use this insurance.
Other Medicare Plan
• Part C (referred as Medicare Advantage plans)
Anyone who has Part A or B coverage can have Medicare Advantage (requires additional premium) that covers hospital stays after a beneficiary used all the days covered by his/her Medicare.
When a person has Part C plan, he/she no longer needs Medigap policy which also have the same coverage.
• Part D (also referred as Medicare Prescription Drug Plans)
Anyone who has Part A, B, or/and C can have Medicare Prescription Drug (requires additional premiums) that allows people to buy their medicine at a discounted price.
Special Assistance for Low-income Individuals
According to an insurance attorney, states usually provide financial assistance to low-income people who are eligible to receive Medicare but cannot afford its premium. Some states pay a certain percentage or the whole Medicare premiums.
To qualify for this assistance, these are the requirements:
• A person should already have Part A coverage
• Limited income
• (Most states) Bank accounts, financial resources, stocks, and bonds which must not exceed more than $4,000 for an individual or $6,000 for a couple.
Consult with our skilled medicare insurance attorney for legal assistance in filing your
medicare as a part of
social security benefits. Visit our website for more reliable information.
