Medicare is a federal health insurance program offered to people who are 65 and above, as well as for younger people with disabilities. People with End-Stage Renal Disease — permanent kidney failure—needing dialysis or a transplant, are also covered by Medicare.
There are four options to the Medicare plan: A, B, C, and D, with each part covering different
aspects of healthcare. The most common parts people choose to enroll in are parts A and B, but you can choose to enroll in one or more parts of Medicare, based on the coverage you require. The monthly premium for Medicare varies widely based on income.
The main parts that give healthcare benefits to ages 65 and older, people with disabilities, and some chronic conditions are:
Medicare Part A
Basic hospitalization coverage, and covers services like walkers and wheelchairs, blood transfusions, hospice care, and skilled nursing facilities when required.
Medicare Part B
Outpatient care such as doctor’s visits and diagnostic tests, such as screening for diabetes, cancer, depression, and more; ambulance and emergency services; vaccinations against influenza and hepatitis; diabetes supplements and medical equipment.
Medicare Part C (Medicare Advantage)
Part A and Part B combined, offering additional benefits such as subscription drug plans, hearing, vision, and dental care.
Medicare Part D
Prescription drug coverage that isn’t covered by Medicare A and B such as any injections or infusions.
Medicare Supplement (Medigap)
Out-of-pocket costs such as copays, coinsurance, and deductibles
With healthcare, it’s important to know what is covered in your insurance and what isn’t. Since there is such a wide array of plans for Medicare, it can be confusing somewhat to know which plan will give you the coverage that’s right for you. Luckily, there are some tools that can make it easier for you to decide.
Here’s what Medicare doesn’t cover:
Though Medicare covers a wide range of care, most forms of dental care, eye exams, hearing aids, acupuncture, and any non-essential cosmetic surgeries aren’t covered by original Medicare.
Medicare also does not cover long-term care, so if you feel like you or a loved one will need long-term care, you should consider a separate long-term care insurance policy.
Medicare can often lead to a number of unnecessary lifestyle changes, additional costs, and fewer provider options depending on the healthcare you need.
