Simply put, Medicare is health insurance. It is a federal program run by the Centers
for Medicare & Medicaid Services (CMS) referred to as Original Medicare. In order to use Medicare a person must first be eligible to enroll in the service. People who are qualified to receive Medicare insurance include those who are:
* age 65 or older
* under age 65 with disabilities
* anyone of any age having End-Stage Renal Disease (ESRD) which is permanent kidney failure requiring dialysis or a kidney transplant
There are two parts to Original Medicare – part A and part B. Medicare Part A is known as hospital insurance. It helps to cover:
* inpatient care in hospitals
* skilled nursing facility care
* hospice care
* home health care
Medicare Part B is also called Medical Insurance. It will help to cover services such as:
* those from doctors and other health care providers
* outpatient care
* home health care
* durable medical equipment
* preventative services such as screenings, shots and annual Wellness visits
Notice that I said Part A and Part B Medicare “help” cover those services listed. Be aware that Original Medicare will not cover 100% of hospital and medical insurance services. However, it will cover 80% of the cost of those services. Anyone receiving Original Medicare must be prepared to pay the other 20% either out of pocket or with the help of outside services or supplemental plans offered by Medicare-approved private companies that follow rules set by Medicare. Note also that Original Medicare coverage does not include prescription drug plans. Prescription drug coverage is referred to as Medicare Part D. Medicare approved plans can help lower the costs of Part D and help to protect against higher costs in the future.
Once you’re eligible, you can enroll in Medicare through the Social Security Administration either by phone (1-800-772-1213/ TTY 1-800-325-0778, Mon-Fri, 7 a.m. to 7 p.m.), online (https://www.ssa.gov/benefits/medicare/), or in person by visiting your local Social Security office (make sure to call first for an appointment).
Stay tuned for further Medicare 101 discussions and answers to your Medicare questions on centsabledollar.com or contact me at info@centsabledollar.com to schedule a phone or face to face appointment.
