Medicare Insurance is a social insurance program that provides health coverage for anyone in the United States who has been a legal resident for five years, has paid into the system for at least ten years or pays a monthly premium, and are aged 65 and older. It also provides coverage for people who meet special criteria such as being disabled, age 65, and receiving the Railroad Retirement Board disability or Social Security benefits for a minimum of 24 months, or are receiving any number of other medical-related illness treatment, including being eligible for Social Security Disability Insurance and have what is commonly referred to as Lou Gehrig’s disease.
This government-sponsored program is administered by the United States government and funded with payroll taxes paid under the Federal Insurance Contributions Act and the Self-Employed Contributions Act of 1954.
What Benefits Can You Expect from Medicare Insurance?
Medicare insurance benefits come in four parts referred to as Parts A through D. Part A is Hospital Insurance which is hospital coverage for stays up to 100 days (the first 20 days are paid in full). The additional days require a co-pay. If a person uses some of the days and then doesn’t use anymore for a minimum of 60 days, the count starts over.
Part B is medical insurance that pays for part of the products and services usually not covered by Part A. Charges covered under Part B are usually for outpatient services and include nursing services, the Flu and pneumonia immunizations, chemotherapy, and durable medical equipment like canes, walkers, and prosthetic devices.
Part C is the Medicare Advantage Plans. These are issued by private carriers and include prescription drug coverage. Part D is the Prescription Drug plan that is available to those eligible for Parts A or B.
Medicare Insurance Quotes can be Obtained for Supplemental Coverage
Individuals can get Medicare insurance quotes for policies that are established by the Centers for Medicare and Medicaid Services, but which private companies sell and administer. Some of these Medigap policies cover prescription drugs. Individuals are not allowed to receive benefits from a Medicare Advantage Plan and a Medigap Policy.
Individuals can obtain Medicare insurance quotes for Part C which covers prescription drugs through private health insurance plans. They can also purchase Part D Prescription Drug Plans. These aren”t standardized so individuals can obtain Medicare insurance quotes from private companies, and then select the Medicare insurance that provides coverage at the level they desire.
Medicare is intended to provide medical and prescription coverage for the elderly who meet the criteria. Individuals are free to purchase supplemental policies to enhance their total level of coverage. Some of the coverage is mandated but much of it is not. Either way, the supplemental coverage is available from and administered by private insurance companies.
For more information about Medicare insurance, request a quote from us today. Our site provides abundant resources to help inform you and help you in selecting the right program, as well as provide affordable quotes.