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What is Medicare?
What is Medicare?
Medicare is the main health insurance policy for almost all Americans aged 65 years and older, as well as people with long-term disabilities. The policy leaves many beneficiaries with large out-of-pocket expenses, paid either by the beneficiary or through supplemental private insurance or Medicaid. However, supplemental coverage through public or private plans is often expensive and not very inclusive. For instance, Medicare doesn’t cover outpatient prescription drugs (a major expense), eyeglasses, dental care, hearing aids and long-term nursing home care.
Traditional Medicare has two parts:
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Part A is hospital insurance and pays for hospital, skilled nursing facility, hospice and home health care expenses. These costs are paid for by payroll taxes.
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Part B is voluntary, and is a medical insurance that covers physician and other medical costs. Beneficiaries pay ($66.60) monthly premiums, which is matched three to one by the federal government.
<<< Read about how the changes to Medicare is costing more.
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