Medicare 101 | Guide to understanding

Medicare is the federal health insurance program for people aged 65 and over. For seniors, Medicare provides coverage for hospitalization, physician visits, and some medical services. You may be able to receive some or all of your health care through Medicare without having to pay any premium. If you do not require hospital care, there is no monthly premium to pay.

Who is eligible for Medicare?

To be eligible for Medicare, you must have applied for it before you turned 65. You must also be a U.S. citizen or permanent resident and not be incarcerated or otherwise under federal supervision due to being mentally incompetent when filing for benefits. It is also important to note that you must not be enrolled in other health insurance coverage.

4 Basic Parts Of Medicare

Part A

Part A is hospital insurance. Some benefits include inpatient, skilled nursing facility care after a hospital stay and hospice care. You do not have to pay a premium for this coverage. It will end if you reach the end of a specific waiting period, after which you need to pay a premium for Medicare Hospital Insurance Part A.

Part B

Medicare Part B is medical insurance. This plan covers the Medicare patient for some outpatient services such as physician services, emergency room visits, and lab tests. You pay a monthly premium for this coverage, which will end if you do not pay up your Medicare deductibles, after which your coverage will terminate automatically or be extended under certain circumstances. It is important to pay up on your monthly premiums for Part B coverage because you will not be able to get any medical services paid for by Medicare if you do not pay up.

Part C

Medicare Part C is a Medicare Advantage Plan offered by insurance companies that allow patients to have health insurance and prescription drug coverage in one package. No monthly premium payments are made with Part C, and the drug plan will cover most of the cost of any needed prescription drugs. If you choose this coverage, your cost-sharing expenses will also be higher than with original Medicare.

Part D

In addition to Medicare Part B, Part D is a prescription drug coverage program that you can purchase in addition to Part B. The coverage through Part D allows you to receive your medications at a reduced cost, and the insurance companies take care of payment. Some underwritten drugs are covered by Medicare, meaning the drug costs less if purchased at a doctor’s office or other health care provider than if purchased through them. It could save you time and money because you will not have to wait for the medication or spend an extra trip to see your doctor just for this specific medication when it is used another time for something else.

How Do You Enroll In Medicare?

There are two ways to enroll in Medicare. The first is to use the traditional enrollment form at a local Social Security office. You will need to present your birth certificate, proof of residence, a Medicare booklet, and a completed application. You must also have all forms filled in before you can leave the office because they cannot process them and fax them back, this is why you will need to bring your paperwork to take with you.

The second method is through an online portal called “Express Enrollment.” Many websites offer this service, but in all cases, it’s best to go through it if you need internet access or if your Internet connection is limited. You must visit the insurance company’s website that offers you Medicare and follow the directions to be eligible for the Medicare prescription drug plan or any other benefits.

How Much Does Medicare Cost?

The costs for Medicare depend on whether you are on Original Medicare or purchased a private plan during enrollment. It also depends on many other factors, such as the number of physicians in your family or whether you have any outpatient healthcare needs.

Medicare Part A is free coverage through your cost-sharing. It means you are responsible for paying a small amount at the end of each year, which is the deductible and coinsurance.