Types of Coverage Provided by Medicare
Medicare is a health insurance sponsored by the government intended to assist individuals with ages 65 or above. This insurance however, can be available to certain individuals even with ages below 65. These certain individuals are those with particular disabilities or health disorders especially those with End-Stage renal Disease, a disorder characterized by permanent kidney failure.
Medicare insurance has four different parts: Part A, Part B, Part C and Part D. Each of these provides different types of assistance and has different costs as well.
Medicare Part A is for hospital care coverage. This is usually provided free for those who pay Medicare taxes but could have a cost for those who did not work when they were younger or for self-employed individuals.
Medicare Part B covers the costs for outpatient care, services of doctors and nurses, and some preventive assistance and services. Most Medicare beneficiaries would pay $96.40 for this coverage. For those earning an annual personal income higher than $85,000 and those earning an annual household income higher than $170,000, the premiums’ costs are greater.
Medicare Part C already includes Part A and Part B coverage with additional benefits such as coverage for prescription drugs. This is provided by private companies approved by Medicare. Beneficiaries would pay for Part B coverage along with a premium for the Part C plan itself.
Medicare Part D decreases the prescription drugs’ prices. This plan has premiums which vary in cost monthly. This also has yearly deductibles.
Tags: Medical Insurance, Medicare