Most seniors already know a thing or two about Medicare but as plans and details continue to change, it is hard to keep up with the most recent developments. As the Medicare system can be confusing, this section is designed to help guide you step-by-step toward making informed decisions about your health care.
Through Medicare, the U.S. Government provides health coverage for people age 65 or older and for certain people with disabilities. In many case, this is insurance you have paid for over your working life through Medicare taxes.
Medicare is especially designed to help cover hospital visits and emergency services. The list of what it covers includes a portion of hospital stays, doctor’s appointments, outpatient therapy, blood for a transfusion and a certain amount of skilled nursing home care following a hospital visit.
The main part of Medicare is referred to as the Original Medicare Plan. It consists of two parts — Part A and Part B. Part A is basically hospital insurance and Part B covers some medical costs that Part A does not. For more details on these two parts, review our information on The Original Medicare Plan as well as our comparison of Medicare Part A vs. Part B .
As of January 1, 2006, Medicare also offers prescription drug coverage through Part D. There are several different drug plans available. Each Medicare member will be asked to make a choice of which plan he or she prefers. For more information about this important change to Medicare, please review additional information in our Medicare Prescription Drug Coverage section.
While Medicare pays a portion of your medical costs, it does not pay them all. A stay in the hospital, for example, could cost you $952 above what Medicare covers. This is in addition to your $88.50 monthly premium for Part B and to the $124.00 deductible.
If your hospital stay should extend beyond 60 days, you will be paying $238 per day. You'll also need to cover 20% of all medical costs yourself (Medicare pays 80%), and you'll pay 50% of outpatient services. (For more details on your expenses through Medicare, review our Projected Costs Estimate.)
Medicare recognizes that most people will want more coverage than it can provide. It has arranged a number of additional plans, handled by approved private insurance companies, for people to receive more complete coverage.
Not everyone can afford to pay for medical costs or insurance premiums. If you could use help paying for your health coverage, see Help for People with Limited Income.
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Medicare Supplemental Insurance Policies (also called “Medigap” plans)
These plans simply add to the Medicare coverage, offering such benefits as paying for deductibles, copays, and nursing home care. For more details, refer to our Medigap feature.
Medicare Advantage Plans
You can substitute these plans for your Original Medicare coverage. Sometimes they can save you money while offering added benefits such as preventive care. See Medicare Advantage Plans for additional information.
Other Plans
There are a range of other plans depending on your situation (whether you have employer or union coverage, for example, or military benefits) and the type of benefits you prefer. Refer to Other Insurance Options for more details.
Long Term Care
One area Medicare does not cover is care in an assisted living facility, in your home, or an extended stay in a nursing home. See Long Term Care for ways to cover this type of care.
You deserve the peace of mind of knowing that you will receive quality health care at a cost you can afford. It’s worth taking a little time to arrange this for yourself. . By reviewing the Senior Health information on Health Insurance Carriers, you can better select the health insurance that’s right for you. You'll be glad you did!
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