Medicare Explained
What is Medicare?
Medicare is the federal health insurance program created in 1965 for people ages 65 and over, regardless of income, medical history, or health status. The program was expanded in 1972 to cover certain people under age 65 who have a long-term disability.
Medicare plays a key role in providing health and financial security to 60 million older people and younger people with disabilities. The program helps to pay for many medical care services, including hospitalizations, physician visits, prescription drugs, preventive services, skilled nursing facility, home health care, and hospice care. In 2017, Medicare spending accounted for 15 percent of total federal spending and 20 percent of total national health spending.
More specifically, Medicare is the federal health insurance program for people who are 65 or older, certain younger people with disabilities, people with End-Stage Renal Disease (permanent kidney failure requiring dialysis or a transplant, sometimes called ESRD).
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Learn if you're eligible for Medicare and which plans you could potentially qualify for.
Four Parts of Medicare
Parts of Medicare
There are four parts of Medicare; in general:
- Part A is inpatient hospital coverage
- Part B is outpatient medical coverage
- Part C is an alternative benefit form to Original Medicare that offers extra benefits
- Part D is prescription drug coverage
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Medicare Advantage + Prescription Drugs (MAPD)
Medicare Advantage + Prescription Drugs (MAPD)
Medicare Advantage + Prescription Drugs (MAPD)
Similar to Medicare Advantage Plans but in this case, these plans also provide drug coverage, along with additional extra benefits. It is offered through private insurance companies, so you don’t enroll in it at the Social Security office or website.
Medicare Supplements
Turning 65 in Missouri?
Turning 65 in Missouri?
These plans help to pay the “gap” between what Medicare Parts A and B pay and what you pay out of your own pocket.
Turning 65 in Missouri?
Turning 65 in Missouri?
Turning 65 in Missouri?
There are typically two times in which you can sign up for a Medicare Advantage or a Prescription Drug Plan: Initial Enrollment Period and Annual Enrollment Period.