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Medicare Parts 101

When it comes to your health, you should never disregard it. It is important to cultivate healthy lifestyle habits, go for regular doctor check ups, etc.

However, accidents can happen and unexpected illnesses could be lurking. We never know when they may occur. This is why it is important to invest in health insurance to stay prepared and safe.

However, did you know that a staggering 44 million Americans don’t even have health insurance or health plans? Along with that, about 38 million

Americans would have inadequate health insurance plans which don’t even cover the bare minimum. It’s important that you get the best health insurance plan that fits within your budget.

To help you learn more about healthcare, here are Medicare facts that you should know.

What is Medicare?

Medicare is a health insurance program that cover certain expenses. It is a division within the US Department of Health and Human Services.

It is typical to see the beneficiaries of Medicare tend to be seniors, around the age of 65 years old and above. However, other adults who have certified illnesses can sign up to get the Medicare benefits that they need.

Some people tend to not get health insurance because they think that it is costly. However, many Americans can actually sign up for Medicare without a problem. Medicare has something that is called an entitlement program, which many people can qualify for.

You may enroll into the health program as an American as long as you are employed and have paid your taxes within the given time period. Even if you haven’t been employed for that long, you may still be able to apply for Medicare health insurance.

Just be aware that you may have to pay more than a person who has been working for a longer period of time.

Is Medicare Completely Free?

Contrary to popular belief, there are some aspects of Medicare that you will still have to pay for. For instance, some of the plans or aspects of Medicare require a premium fee to be paid for to access them.

The premium would depend on what your income level is. People with lower incomes would pay smaller amounts and people with higher incomes would pay more.

The premium fees would also depend on what kind of Medicare plan you are getting

What Are the Medicare Parts?

It may be kind of confusing at first, but there are several Medicare parts or plans. Medicare doesn’t always cover all aspects of healthcare in one plan, so you must select one or several different plans to suit your needs. To help you get a better idea, here is a breakdown of the different Medicare parts.

Medicare Part A

This kind of plan is meant to deal with hospital insurance. Therefore, anything that involves a hospital may be covered by Medicare part A, but there are times that Medicare would cover for you being in a hospital.

Luckily for those who have been working for more than 10 years, you won’t have to pay for any premium for this part. However, you can still get this if you haven’t been working for that long by paying a premium.

Keep in mind that this part doesn’t actually pay for all of your hospital visits. It typically covers about 60 days in a hospital. That being said, Medicare will only pay for a part of the hospital bill while you pay for the rest.

Once the 60 days have been used, you will have to pay for the hospital bills in full. You also have something called lifetime reserve days which are meant to be used if you’ve been in a hospital for longer than 3 months or 90 days.

 

Medicare Part B

This is all about medical insurance, which means it will cover things that are non hospital. Therefore things such as trips to the doctor, diabetic screenings, X-rays will be covered by this part.

There is a premium required to get this kind of Medicare, however Medicaid can help lower income households pay for this premium. You’ll be required to pay for a deductible fee for awhile until the Medicare Part B takes effect.

However once it takes effect, you’ll only have to pay for 1/5th of the bill if you get non-hospital services from a Medicare doctor while certain services are fully covered by Medicare.

 

 

Medicare Part C

This plan is also referred to as Medicare Advantage and it is called that because it has all of the Medicare aspects in one plan. You can find this from private insurance businesses and it’s a different option from the Original Medicare.

However to have this, you will need to already have Part A, Part B, and the Original Medicare. You may also still be required to pay the premium fee for Part B as well.

 

 

 

 

Medicare Part D

This is for prescription drugs and it is optional to get. It can be a good choice for some people since it is a form of health insurance that covers prescription drugs only.

Depending on the insurer, the fees can vary greatly. You will pay for part of the cost for the prescription drugs and the amount will depend on what kind of plan you have.

 

 

 

Why Do I Need Health Insurance?

Health care in general tends to be very expensive. As we mentioned earlier, accidents and sickness can happen at any moment, so you should always expect the unexpected.

Without health care, many Americans would be in debt or unable to attend to their health issues due to high medical costs. This is why health insurance is something that you should invest in.

While you may be a rather “healthy” person and may not get sick easily, it is always important to get checked by the doctor regularly. Those hospital visits can cost a lot.

Additionally, accidents happen out of the blue, so you never know when you’ll have a surprise trip to the doctor. Out-of-pocket expenses are really high, paying for the entire medical bill on your own can be really tough.

However with health insurance, you can get covered in portions or in some cases, all of your bill. You are entitled to either free Medicare or health insurance or you may just pay a small premium to help you save thousands of dollars.

While the premium may seem annoying at first, think about all the potential savings that you could have in the future. Trips to the doctor with some plans could only cost 20% of the total bill instead of paying 100% by yourself.

It is also important to stay healthy and health insurance can help you with that. Many people presume that getting health insurance is only mandatory for sickly people, but that is far from the truth.

There are some health insurance plans that offer preventative services that help you get healthier or prevent future issues. This is one of the best ways to save money because those illnesses could rack up quite a hefty hospital bill even if you have health insurance.

What’s the Best Medicare Plan?

The answer to this question would really vary from person to person since everybody has different needs. Some people may be heavily reliant on prescription drugs for their illness so Part D might be good.

Someone might be a “clumsy” person who gets into accidents who would benefit from Part A. However, most people would generally benefit from getting Medicare Advantage or Part C because it covers all aspects.

It is better to be insured for everything because you never know what could happen.

Keep in mind that once you hit the age of 65, you are pretty much entitled to getting government provided health insurance. Actually, it is practically mandatory for those who have turned 65 years old to get Medicare Part A.

If they are still collecting their Social security benefits, then they will have to enroll into Part A, but don’t worry as we mentioned earlier that this is free for anyone who has worked over 10 years, something which many seniors would have done in their lives.

Getting health insurance is something that you should never neglect to do, no matter what age you are. It is good to know what your options are and facts on health insurance to know exactly what you are getting.

Keep in mind that you never know what could happen, whether you’re feeling under the weather or an accident happens. It is always best to stay insured so you can avoid being in debt to keep healthy.