What is Medicare?
Medicare is the federal government program administered in the U.S since 1966, which provide health care coverage for those who are 65 or older, individuals under 65 and receive Social Security Disability Insurance (SSDI) and/or individuals under 65 have End-Stage Renal Disease (ESRD). The federal program is funded by the Social Security and Medicare taxes of your paid income, in part funded through premiums that individuals with Medicare pay, along funded through the federal budget.
Understanding Medicare is important. There are many parts to Medicare. There are 4 parts to Medicare Coverage. Part A, B, C, D.
- Medicare Part A – Hospital Insurance
- Medicare Part B – Medical Insurance
- Medicare Part C – Medicare Advantage Plans
- Medicare Part D – Prescription Drug Coverage.
It is important to understand Medicare coverage choices. There are many companies out there which all claim to offer the best Medicare coverage. Depending on the coverage you could end up spending thousands of dollars of out of pocket expenses.
What is the difference between Medicare and Medicaid?
Medicare is the insurance program for individuals 65 and older, opposed to Medicaid is another Federal government program that provides health insurance to people who receive limited incomes.
Everyone who recieves Medicare will recieved a Red, White and Blue Medicare Card. Depending if you elect the Medicare Advantage Plan on your card will determine whether your card will be the Original Medicare program or have elected private insurance.