Knowing Your Medicare

If you are over 65 but have worked for at least 3 years, you are probably by now on Medicare. Medicare is something that the US government created in order to provide people with some kind of medical insurance after they retire and therefore no longer are covered by their employer’s health insurance plan.

Although Medicare caters for the most basic medical expenses for free, it also provides for extra coverage if wanted but that extra coverage has to be paid for. To try and make it easier to understand, Medicare has been divided into 4 parts, Part A, part B, Part C and Part D, Part A being the part which is free.

With Part A, you will be covered for expenses related to stays in hospital, up to a certain number of days per year. It also allows for longer stays at reduced rates but the number of those days is also limited and so if you spend 150 days or more in hospital, in any one year, you will have to pay the full costs. Part B, although not free, is a part which many people opt to pay for as it covers visits to hospitals as an out-patient as well as home visits by doctors but once again, within yearly limits.

Part C can be a combination of both Parts A and B but is applied for with an insurance company and not social security. As Plan C covers the same aspects as Parts A and B and so no claims will be made regarding them, the government pays a portion of the costs for Part C private health insurance for those eligible to Medicare.

Part D is separate from any of the other parts as it is to do with the cost of prescription drugs regardless of why or where you get them. If you opt for Plan D as part of your Medicare coverage, you will have to pay for it but that money is usually recouped by the saving that are made by the reduced cost of the drugs.

All the different parts to Medicare are carefully described, easy to understand manner on the website which also explains many of the different Medicare supplements available today.

We can never tell when we may get ill or in fact get caught up in an accident and so when one of these unfortunate things does occur, without any kind of insurance, we may find ourselves financially short for payment for the type of treatment and or drugs we need. Understanding Medicare and knowing what supplements, if any we may need is one of the dilemmas many peopleface on retiring.

They often want the best but sadly, all too often, they have to settle for the best they can afford. There is little doubt however, that if you can afford one or more of the Medicare supplements, they have been found beneficial to others and so should at least perhaps be considered.