![]() ![]() Anderson, the biggest recent change to Medicare has been the passage of certain drug provisions in the federal government’s 2022 Inflation Reduction Act, as reported by the Centers for Medicare and Medicaid Services. Medicare Part D is only offered through private insurance companies.Īccording to Dr. You can get a Medicare drug plan in two ways: by joining a Part D plan in addition to Original Medicare (Parts A and B) or by enrolling in a Medicare Advantage Plan (more on that in a minute) with drug coverage. ![]() This component of Medicare helps cover the cost of prescription drugs, including many recommended vaccines. Medicare Part D: Prescription Drug Coverage You will pay a standard monthly premium for Medicare Part B coverage if your income is above a certain threshold, you’ll pay more.Ĭopayments and deductibles are required for many of the services covered under both parts A and B. Part B covers medical care and services provided by doctors and other healthcare providers, home healthcare, the purchase or rental of durable medical equipment, as indicated by Medicare (things like walkers, blood sugar meters, or even a hospital bed), and some outpatient care and home health services. This part of Medicare is free if either you or your spouse paid Medicare payroll taxes for at least 10 years (if you didn’t you can pay a monthly premium). Part A covers inpatient hospital care, hospice care, inpatient care in a skilled nursing facility, and home healthcare services. ![]() The two main components of Medicare are Part A and Part B. The Basics: What Are Medicare Part A and Medicare Part B? Medicare typically covers 100 percent of many preventive services, such as annual wellness visits, cardiovascular screenings (every five years), annual mammograms, annual flu shots, bone density measurements, and screenings for cervical, prostate, and colorectal cancers. In most cases, the beneficiary will be required to pay a deductible.Īn individual can opt to purchase co-insurance (called Medigap see below) to help pay for any services that Medicare doesn’t cover. Healthcare coverage with Medicare operates like private health insurance works: by paying a portion of the cost of medical care. With Medicare, income and assets aren’t considerations in determining eligibility or benefit payments as long as a person is 65 or older or permanently disabled, they qualify. About 1 in 5 people in the United States access health insurance through Medicaid services, according to the Kaiser Family Foundation. Medicaid is a public health insurance program for low-income individuals of any age. While it can be easy to confuse Medicare and Medicaid, they aren’t the same thing. What’s the Difference Between Medicare and Medicaid? There are four parts to the Medicare program: Part A covers hospital services, Part B covers physician services, Part C covers managed care programs (called Medicare Advantage), and Part D covers pharmaceuticals.Įach part has its own rules about what will or won’t be covered and what the out-of-pocket costs are for the beneficiary (the person with Medicare coverage), says Gerard Anderson, PhD, a professor at the Johns Hopkins Bloomberg School of Public Health in Baltimore, who works with policymakers to manage healthcare spending. Keep reading to find out what you need to know, especially if you’re enrolling for the first time or are considering changing plans. ![]() Understanding the basics can help you get started making the choices that are best for you. In the simplest terms, Medicare is the federal health insurance program for people ages 65 and older, certain individuals under 65 with disabilities, and anyone of any age with end-stage renal disease (ESRD).īeyond that, the program - and all the options - can get a little complicated. ![]()
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