We all have a wish to be happy and healthy but unfortunately, our health does not always allow us to do so. We need to make sure we have health insurance to cover the medical costs in retirement. While working you may be able to get health insurance through your employer or you can purchase it on the health insurance marketplace. There are also some government-funded programs including Medicare. There are some things that you need to know about Medicare and who it covers, the conditions it covers, and how much money it is going to cost.
Medicare has been around since 1966 and is funded by payroll and other taxes. The insurance is provided by the United States Federal Government and it uses over 40 insurance companies to administer its Medicare Parts D & C programs.
People over the age of 65 or younger people with certain disabilities and people with End Stage Renal Disease.
Medicare has four parts to it and they each cover different things. Part A covers services related to a hospital. Part B will help cover Medical services including outpatient services. Part D will help cover prescription drugs. Part C Medicare Advantage will allow a person to combine parts A and B & D (Medical, Hospital & Prescription drugs).
Each part of Medicare has a different cost associated with it. This will be determined by individual circumstances. Federal and State programs are available to lower Parts A, B & D co-pays and deductibles if you qualify.
The following are average costs and coverages for Medicare.
Most people do not need to pay the premium cost for Part A. If you have not paid into the Medicare system for less than 30 quarters, you will pay $471. If you paid in the system for 30 to 39 quarters, you would pay $259. Part-A has a $1.484 deductible.
Part B will cost around $148 but this can vary based on income. People with higher incomes may need to pay more. People enrolled in the Medicare Savings Program will pay less.
The premium for Part C will be determined by the plan that a person is enrolled. Part-C plans must include all the standard Medicare coverage benefits.
Part D will allow a person to sign up for a prescription drug plan or the Medicare Advantage plan includes prescription drugs. There are different coverage options, and the price will be determined by the option selected.
There are still out-of-pocket costs that will need to be paid in addition to the premiums and deductibles. This will vary based on the plan chosen and individual circumstances. Those that are covered under Medicare Part-C often include additional health insurance benefits like dental, vision, gym memberships, acupuncture, transportation, and other wellness coverages that are not included under original Medicare. .
Medicare is a health insurance program funded by the government for people over the age of 65. This program will help cover the cost of hospital services, outpatient medical services, and prescription drugs. There are premiums for Parts A and B. The cost for parts C and D will vary based on the plan selected. Medicare will still have out-of-pocket expenses and the person covered often need additional medical coverage to help cover all their medical expenses.