Info about Medicare
Medicare in United States
Medicare is a social security program started by the Government of United States in 1965 for giving financial support for senior citizens of the country. If you are eligible to Medicare, then this program can cover your hospitalisation costs, prescription drugs cost, and provide other medical insurance. It is a great program for the senior citizens but it has been a point of debate since the time it was introduced. Part of the Medicare income is diverted for residency training for physicians.
• Eligibility Criteria for Medicare in US
The two main criteria are:
Medicare-covered Employment: You must have worked for a Medicare-covered job for at least 10 years to be eligible for Medicare benefits.
Age and status: You must be at least 65 years old and a US citizen or permanent resident to avail this support.
Exception: The only exception to the age rule is if you are suffering from end stage renal problem like permanent kidney failure. So if you need dialysis or kidney transplant, you can avail this support even if you are not 65 or older.
The other exception is if you have some disability.
• Medicare Benefits
The Medicare benefits are classified into four parts and each provides coverage for different medical needs.
Part A - Hospital Insurance: If you have to be admitted in the in patient wards of the hospital for critical illness, treatment, or long term hospital care, then you need this coverage. It also covers specialised nursing services and home health care. For this plan you do not pay anything. If you are eligible for Medicare, you get Part A coverage for free.
Part B - Medical Insurance: This includes out patient treatment, some standard drugs and preventive services to prevent a disease from recurring or worsening. This is not a full refund, but 80% of the Medicare Part B approved costs. This is not completely free, there is some premium that you need to pay on monthly basis to avail this coverage.
Part C – Advantage Plans: This is the private sector contributing to Medicare benefits. There are some Medicare approved private institutions that can provide you services similar to part A , Part B, part D and more. Since it gives you a wider coverage than regular Medicare parts, there are some additional costs associated with it. You pay a premium that is more than part B, and you may also have a copayment or coinsurance costs associated with this coverage.
Part D – Prescription Drug Insurance: This is not a government funded plan, but is run completely by private sector. These companies are approved by Medicare to provide this service though. They help you cover the expenses for prescription drugs only.
Medicare is a great way to take care of the medical costs in your old age. Typically you can supplement some of the expenses not covered in Medicare plans with similar insurance plans provided by your worker union or even the employer.