Medicare is an international medical insurance plan in the US, started in 1965 along with the Social Security Act. It is funded by general taxes and covers medical expenses up to the age of 65. There are eight different Medicare Parts A and B, also known as the Medicare Part D and the Classic Medicare programs.
Parts A and B of the Medicare program are medical insurance coverage for the entire family, including children. Medicare coverage is available to people with varying degrees of disability. Parts A and C provide coverage for outpatient care, hospital stays, and emergency care as well as the four basic nursing home services: Assisted-living homes, long-term care, rehabilitation, and home health care.
Medicare Part D is the medical portion of the Medicare program. This portion of the program offers prescription coverage as well as Medicare coverage for outpatient prescription services. Medicare Part C provides coverage for hospital expenses, physician visits, and pharmacy prescriptions. Medicare Part D is optional, and if you are currently eligible for Medicare, you will automatically be enrolled in Medicare Part D.
Medicare Part A is the major source of federal Medicare benefits. It is the program that provides coverage for medical supplies, outpatient hospital stays, and inpatient home health care. Medicare Part A also provides coverage for certain other inpatient and residential services, and home health care. Medicare Part A is jointly funded by two different sources, the Federal Medicare Supplement and the State Medicare Program. Most private insurance plans cover some Medicare Parts A and B, but not all.
Medicare Part D, or Medicare Part D is a prescription drug benefit plan for selected groups of people, most of whom are current Medicare beneficiaries. The primary feature of Medicare Part D is the prescription drug benefit, and there are four additional programs available to Medicare beneficiaries. Medicare Part D is intended to cover additional health care items that are required by their primary health insurance coverage. There is also two different Medicare Advantage Plans, which combines some of the features of Medicare Part D and some of the features of private health insurance companies. These additional benefits are referred to as “Medigap” plans.
Medicare has many positive aspects, including prevention of chronic disease, increased access to medical professionals, better nutrition, and lower overall health care costs. Unfortunately, Medicare has also been criticized for causing many negative impacts on seniors’ freedom of choice in selecting private health care insurance plans. Because of this, many seniors have turned to Medicare supplemental insurance to meet the extra Medicare spending. Private health insurance companies have responded to this by offering a wide variety of Medicare-like options, including Medicare Advantage Plans, which essentially substitutes the gaps left by traditional Medicare benefits.