Medicare was introduced in 1965 to provide Americans with more affordable health care after retirement. In order to be eligible for Medicare, you must either be 65 years of age, or if you are under 65, you must qualify on the basis of disability. You must also be a US citizen or legal resident for at least 5 consecutive years.
There are four basic Medicare plan designs:
- Original Medicare, which includes only Medicare Part A and Part B
- Medicare Supplement plans, also known as Medigap plans
- Medicare Advantage plans, also known as Part C
- Prescription Drug plans, also known as Part D
What is Original Medicare?
Original Medicare includes both Medicare Part A and Part B. Part A is hospital insurance and in general covers hospital care, skilled nursing facility, hospice care and some home health services.
Part A includes deductibles, copays and in some cases a monthly premium. Although most people who paid Medicare taxes while working will receive “Premium Free Part A,” some who did not could pay up to $441 a month in 2013.
Part B helps cover physician services and outpatient hospital care and has an annual deductible and monthly premium that is based on income.
Although Original Medicare covers both inpatient and outpatient care, it is important to find additional coverage that is right for you, to offset some of the costs that are not paid for by Medicare.
Check back to find out more about Medicare Supplements and Medicare Advantage plans that help fill the gaps of Original Medicare!
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