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Medicare health insurance is a type of health insurance designed for the people age 65 and above. People who are less than 65 years of age but has certain disabilities are also eligible for this insurance. Disabilities like kidney failure or other ESRD (end stage renal disease) can qualify for this insurance coverage plan. The federal government design and run this Medicare plan. The program is funded by some portion of premium paid by employee during the working life via premiums and other portion is funded government via social security program.
There are different Medicare health insurance plans available for American citizens, mostly people get confused about these plans as they never selected one for them. These health insurance plans are available after retirement. There are two types of Medicare health plans. The first one is original Medicare plan and other is as Medicare advantage plan.
The original Medicare plan is fully supported and funded by the federal government. The original Medicare plan include part A and Part B. If you are looking for part D in original Medicare then you have to select and join a separate (PDP) Medicare drug plan. Medicare advantage plan is offered by private companies with approval of federal government. The Medicare advantage include part C.
Medicare Part A
Medicare plan A offers hospitalization services to policy holders. It also includes health care and nursing care for policy holders meeting the set criteria. In this health insurance plan after retiring you don’t have to pay premiums as you already paid during your working life as Medicare tax. People who don’t pay enough during working life as Medicare tax, they need to pay to get eligible for this plan.
Medicare Part B
This health insurance coverage plan contain medical facilities like lab work, doctor visit, x-rays and other outpatient and preventive facilities. You don’t need to pay premium in this the health insurance service.
Medicare Part C
Medicare plan c is a medical coverage facility that is also known as Medicare advantage. This Medicare insurance is provided by government approved insurance companies that covers part A and B services as well.
Medicare Part D
This is a prescription drug Medicare coverage. This coverage might need monthly premium. It covers the cost associated with prescription drugs.
Once you get to know about the essential information about Medicare health insurance, it is easy for you to select one for you. When you turn 65, you will have time of 7 months to enroll yourself in one of Medicare services. If there is a gap in your coverage policy then penalty will be imposed.
