Facts That You May Not Know About Medicare

More than 50 years ago, the federal government launched programs to help Americans afford health services called Medicare and Medicaid. Since both programs contain many variables, they can be a bit complex. To give you an idea of ​​how the coverage works, here are six facts you may not know about Medicare:

  1. Medicaid and Medicare offers many of similar services, but for various categories of people. Medicare offers services to persons over 65 years and with other conditions, while Medicaid is a program for low-income Americans aimed at financial need. The government continues to develop and expand programs to adapt to ever-changing health conditions.
  2. Medicare coverage consists of four parts. Each one covers various types of medical expenses. If you examine Medicare, you may find the term “original Medicare” written somewhere. This term is referring to what is now known as Part A and Part B plan.

Medicare Supplement Plans 2020

  • Part A is that part of medical insurance that includes inpatient hospital stays, care facilities, hospice facilities and sometimes home health care services. Depending on your situation, you may be automatically included in Parts A and B, or you may need to register.
  • Part B includes doctor visits, permanent medical equipment, home health services, qualified prevention services, and other related costs.
  • Part C (Medicare Advantage plans) provides Part A, Part B and usually prescription medicines from private insurers. You must be registered for Part A and Part B before you can obtain Part C coverage.
  • Part D covers the outpatient prescription medicines for private insurers. You must be registered for Part A or Part B before you can enjoy Part D coverage.
  1. Everyone can sign up for 2020 Medicare supplement plans. There are three different times when you can sign up for Medicare Parts A and B:
  • Initial Registration Deadline: Once you are 65, you can sign up on both sides of your birthday month within three months.
  • General registration deadline: If you do not sign up during the first registration phase, you have the option to enroll every other year between January 1st and March 31st.
  • Special registration deadline: You can start Medicare at any age if you have a legitimate condition. Qualifying conditions may include disability, certain cancers or end-stage diseases. At the end of the first enrollment period, you may be able to enroll in Medicare during a specific enrollment period if you choose a qualifying event, such as: For example, if you move away from your existing coverage or lose coverage from an employer.
  1. Medicare is not free for many of us. While Part A does not receive a monthly bonus, if you have paid Medicare tax for at least 10 years, you have to pay for deductibles and coinsurance, except you are eligible for assistance. For example, the deductible for 2016 is $ 1,288 for each benefit period, with different co-insurance depending on length of stay. The Part B premium will cost $ 104.90 per month in 2016. Premiums may be higher for beneficiaries with incomes above certain thresholds.
  2. Original Medicare works without caps and networks. As far as Original Medicare is concerned, there are no networks to be concerned about. You can go to any doctor or hospital that accepts Medicare, even outside your home country.