Medicare health insurance is a government funded program for people who are 65 years and older, people under the age of 65 with certain disabilities, and anyone who has End-Stage Renal Disease, which means you have permanent kidney failure and require dialysis or a transplant.
Medicare health insurance is divided into three parts:
- Part A Hospital Insurance: With Part A most people do not pay a premium because they or their spouse paid into Medicare through their payroll taxes when they were working. Part A pays for inpatient care at hospitals, skilled nursing facilities, as well as helping cover hospice care and some home health care. Anyone who is a beneficiary must first meet certain requirement to receive these benefits.
- Part B Medical Insurance: People typically pay a premium for Part B. Part B covers physician services as well as outpatient care. It will also extend to cover services such as physical and occupational therapy, including some home health care. Unlike Part A, Part B Medical Insurance will cover these services and any supplies as are necessary.
- Prescription Drug Coverage: People typically pay a premium for Prescription Drug Coverage. Anyone on Medicare health insurance can receive this coverage in order to lower their present and future prescription drug costs. Medicare Prescription Drug Coverage is insurance provided by private companies and beneficiaries all must choose a plan and monthly premium. If they do not enroll when they are eligible, they may have to pay a penalty if they want to join later.