If you’re on Social Security, this may be deducted from your monthly payment. If you don’t enroll and you don’t have creditable coverage from another source, you may have to pay a penalty if you enroll later. You’re not required to enroll in Part B if you have “” from another source, such as an employer or spouse’s employer. Medicare Part B covers a long list of medical services including doctor’s visits, medical equipment, outpatient care, outpatient procedures, purchase of blood, mammograms, cardiac rehabilitation, and cancer treatment. In 2010, Medicare spent nearly $523 billion on benefits and administration, including:ģ.) Medicare pays its share of the approved amount. Established in 2006, Part D is delivered by private plans Part D the voluntary outpatient prescription drug benefit initiative.Part C the Medicare Advantage program, in which enrollees receive benefits through private plans.Parts A and B together make up the government health plan known as Original Medicare. Part A this refers to Hospital Insurance.Weve provided an overview of each part, including expected 2015 costs. The Medicare program is comprised of four parts. In 2010, the number of Medicare customers broke down as follows: As of 2010, Medicare covered more than 47 million Americans. By far, age being 65 or older is the leading eligibility factor. To qualify for Medicare, an individual must meet one of three categories: age, disability or ESRD. And, since 1972, this program has provided essential coverage to patients with end-stage renal disease. This coverage includes hospital and medical care, preventive and other health services and prescription drugs.But Medicare actually serves a much wider audience, including some people under age 65 with disabilities. This federal health insurance program, established in 1965, provides healthcare coverage and security for men and women age 65 and older. If you’re not collecting Social Security, you’ll get a bill from the federal government every 3 months.Questions about Medicare? – The ABCD’s of Medicare explainedįor the last fifty years, one undeniable healthcare success story has been Medicare. The monthly premium for Part B is based on your income taxes from 2 years before you enroll and is automatically deducted from your Social Security check each month. Learn how Medicare late enrollment penalties work. The penalty increases the Part B monthly premium by 10% for each 12-month period you decline coverage. However, if you don’t have equivalent coverage, you could be charged an ongoing penalty if you enroll late. If you keep working after age 65, you can delay enrolling in Part B if your employer has 20 or more employees and their health plan covers the same services as Part B. Social Security will usually send your Medicare card 4 months before the month you turn 65.Įnrolling in Part B is optional, and you can opt out after you get your Medicare card. It helps you pay for outpatient services like doctor’s office visits, preventive care, a yearly wellness visit, physical therapy, mental health care, lab services, and X-rays.Īs with Part A, if you’re already getting Social Security benefits, you’ll automatically be enrolled in Part B. Medicare Part B is also provided by the federal government.
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