What Is Medicare Insurance?
Medicare is a government health insurance program for people 65 and over that covers a variety of health costs. The Centers for Medicare and Medicaid Services (CMS) is the federal agency that administers Medicare and is administered by the U.S. Department of Health and Human Services or HHS in Washington. D.C.
Medicare is one of the nation’s largest and most popular health programs.
Medicare Advantage, also known as Medicare Part C, is a type of health plan offered by private insurance companies.
Medicare is health insurance for:
People 65 or older
People under 65 with certain disabilities
People of any age with end-stage renal disease, or permanent kidney failure requiring dialysis or a kidney transplant
There are four Medicare parts
- Medicare Part A (hospital insurance)
- Medicare Part B (medical insurance)
- Medicare Part C (Medicare Advantage)
- Medicare Part D (Medicare Drug coverage)
Certain things aren’t covered by Medicare, these are copays or medical treatment when traveling abroad. This is when you use a Medigap insurance policy. As it sounds, it covers gaps in the Medicare policy to round it out into a more complete coverage.
Medical bills become more of a concern as we get older since we have a greater risk of illness or having an accident like a slip and fall. It’s important to have your insurance in order.
Medicare is the Federal insurance solution for seniors aged 65+ (and some younger people who qualify due to a disability). Medicare usually covers inpatient care, skilled nursing facility care, hospice care, at-home care, medical equipment, ambulance services, and mental health care. The exact coverage depends on your specific situation.
But there are gaps in Medicare insurance, for example, it doesn’t cover copays or coinsurance, deductibles, or emergency care if you travel out of the country. The costs can add up and become a financial strain on most seniors, this is why some seniors take a Medigap insurance plan to accompany their Medicare plan.
Ready to explore your Medicare options?
We are Medicare advisors first – meaning we’ll help you find a plan based on your needs and guide you to choosing and applying for the right Medicare plan.