A Brief Overview Of Medicare

Medicare, which was enacted in 1965, is a system of health and hospital insurance funded by the federal government. The program is intended for U.S. citizens age 65 or older, for younger people receiving Social Security benefits, and for persons needing dialysis or kidney transplants for the treatment of end-stage renal disease. Medicare is funded by taxes waged on workers. Medicare eligibility depends solely on an applicant's age and/or medical condition.

The Four Parts of Medicare

Medicare Part A

Part A helps cover inpatient care in hospitals, skilled nursing facility, hospice and home health care.

Medicare Part B

Part B helps cover doctors' services and outpatient care and some preventative care to help maintain your heath.

Medicare Part C

(Medicare Advantage Plans, like HMO or PPO's) is a health coverage plan run by private companies under contract with Medicare. Part C plans include Part A, Part B, and usually other coverage like prescription drugs.

Medicare Part D

Part D is a prescription drug plan option run by private insurance companies approved by and under contract with Medicare. Helps cover prescription drugs and may help lower drug costs.

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