Medicare is a national social insurance program, administered by the U.S. federal government since 1966, that guarantees access to health insurance for Americans aged 65 and older who have worked and paid into the system, and younger people with disabilities as well as people with end stage renal disease and persons with ALS.
Co-Founder, TermInsuranceBrokers.com, Goldenzweig Financial Group, Las Vegas, Nevada
Medicare is a federal government-run health insurance program for individuals age 65 and older (and those on disability or have end-stage renal disease who are under age 65). It's made up of 4 parts:
1) Medicare Part A - this is your hospital insurance
2) Medicare Part B - this is your physician insurance
3) Medicare Part C - also known as Medicare Advantage. This coverage is sold by private insurance companies and provides benefits equal to or greater than those provided by Medicare Part A and Part B. Some carriers offer prescription drug coverage with a Medicare Advantage plan
4) Medicare Part D - this is your stand-alone prescription drug plan. This is also sold by private insurance companies and can be used with Medicare Parts A & B.
Many individuals add a Medicare supplement plan to their Part A & B coverage to cover expenses Medicare doesn't cover.
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1) Medicare Part A - this is your hospital insurance
2) Medicare Part B - this is your physician insurance
3) Medicare Part C - also known as Medicare Advantage. This coverage is sold by private insurance companies and provides benefits equal to or greater than those provided by Medicare Part A and Part B. Some carriers offer prescription drug coverage with a Medicare Advantage plan
4) Medicare Part D - this is your stand-alone prescription drug plan. This is also sold by private insurance companies and can be used with Medicare Parts A & B.
Many individuals add a Medicare supplement plan to their Part A & B coverage to cover expenses Medicare doesn't cover.