Friday, September 2, 2022

Basics Of Medicare You Should Know About

The national health insurance program is geared primarily toward seniors and those who are permanently disabled. Medicare is an extremely important part of many people's lives since it is often their only insurance option.

But like most other government programs, gaining a good understanding of Medicare's basics can be difficult, especially since various rules and regulations change almost every year. 

If you are preparing to enroll in Medicare or have a family member who needs to understand it in more detail, here are some Medicare basics, you should know about from day one.

Medicare is Not Medicaid


Remember, Medicare and Medicaid are not the same programs. If you are eligible for Medicare, your assets and income play no part in determining your eligibility for the program. Being a federal program, Medicare procedures do not vary much if state to state.

Parts A and B


The two major coverage components of Medicare are known as Parts A and B. Part A will cover your inpatient hospital care, inpatient care in a skilled nursing facility, such as a nursing home, hospice care, and home health care services. 



Part B will cover visits to a doctor's office, various types of outpatient care, the most durable medical equipment, and other related services.

A and B Don't Pay Your Total Cost


One of the biggest mistakes many new to Medicare make is assuming Parts A and B will cover 100 percent of their medical costs, which is not the case. 

A and B only cover 80 percent of your costs, meaning you will still need to pay some on your own. To offset these costs, you may consider adding a Medicare Advantage plan to your coverage. 

Often known as managed care plans, Medicare Advantage will require you to pay premiums but will offset what may be very expensive medical costs.

You Don't Have to be Retired


Finally, you need to realize that you do not have to be retired from your job to be eligible for Medicare. Even if you do not plan to retire at age 65, you can still sign up for Medicare. 

To do so, you will enroll online during your Initial Enrollment Period, which will be three months before turning 65 or the first three months after you turn 65.

By knowing what is involved with Medicare coverage, you can make informed decisions to ensure you have the best possible health care in the years ahead.


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