In 2010, 15 percent of all Americans were enrolled in Medicare.
Medicare is a federal health-insurance program meant for United States citizens aged 65 years or older. Although you do not have to be officially retired in order to qualify for Medicare, many who use the program are. Medicare offers the same benefits whether you are retired from your job or not. However, whether or not you pay a monthly premium for the insurance and the premium amount will depend on your income level.
Medicare Part A
Medicare Part A is, along with Part B, often called traditional Medicare or original Medicare. Part A is usually the first set of Medicare benefits people qualify for and enroll in. Most people do not pay premiums for Part A. If you do pay premiums and you have limited resources and income, you might be able to get premium assistance from your state. Part A covers mostly in-patient hospital services. Semi-private rooms, meals, nursing, medication and supplies are all covered during an in-patient hospital stay. Part A Medicare also has benefits for home-health and hospice care. These services may include medical supplies, skilled nursing care, medical equipment and social services. Medicare Part A has benefits for non-religious, non-medical health-care items at a religious health-care institution and post-inpatient health care at a skilled nursing facility.
Medicare Part B
Medicare Part B has benefits for preventive-care services like doctor's visits and out-patient hospital services. Other services may be covered if they are deemed medically necessary, such as a one-time screening for abdominal aortic aneurysms, ambulance transportation, prosthetic limbs, rehabilitation programs, crutches, braces and chemotherapy. Medicare Part B benefits require a monthly premium, deductibles and co-payments.
Medicare Part C
Medicare Part C is usually referred to as Medicare Advantage (MA). Medicare Advantage allows private insurance companies to offer Medicare Part A and Part B with Part D coverage. MA plans usually offer benefits no other Medicare plans contain, such as vision and dental services. Medicare Advantage providers must be approved by the Centers for Medicare and Medicaid Services. Individual states have different Medicare Advantage plans and providers. Each company is allowed to set its own MA benefits and premiums, although they are required to offer all the benefits of traditional Medicare except for hospice. MA plans can be purchased as PPO, HMO, private fee-for-service or special needs plans, depending on the state. You may also be able to combine it with a medical savings account. Most insurance companies require that you already be enrolled in both Medicare Part A and Part B before enrolling in Medicare Advantage.
Medicare Part D
Medicare Part D is prescription drug insurance. Part D is also sold by private companies. Monthly premiums, co-pays, deductibles and the kinds of medications covered vary according to your Part D plan. Part D can be bought packaged with Parts A and B in a Medicare Advantage plan, or added on its own. You are not required to purchase Medicare Part D, but if you do not enroll when you are first eligible and then change your mind later, you will probably have to pay a late enrollment fee.
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