Money Talks....
Thanks for joining us on this issue of Money Talks…..we have been in this series of “You don’t know what you don’t know. Today we are talking about Medicare.
Here's some information about Medicare:
What it is: Medicare is the federal health insurance program in the United States for people age 65 or older and certain younger people with disabilities or illnesses like End-Stage Renal Disease or ALS.
Who is eligible? Generally, you're eligible if you are age 65 or older and a U.S. citizen or a lawful permanent resident with at least 5 years of residency. You may also be eligible if you are under 65 and have received Social Security disability benefits for 24 months, have End-Stage Renal Disease, or have ALS.
The four parts of Medicare:
Part A (Hospital Insurance): Helps cover inpatient care in hospitals, skilled nursing facility care, hospice care, and some home health care. Most people don't pay a premium for Part A if they or their spouse paid Medicare taxes for a certain amount of time (usually at least 10 years). There is a deductible ($1,676 in 2025) and coinsurance for hospital stays.
Part B (Medical Insurance): Helps cover services from doctors and other health care providers, outpatient care, home health care, durable medical equipment, and many preventive services. Most people pay a monthly premium for Part B ($185 in 2025, but it can be higher based on income) and have an annual deductible ($257 in 2025) and a 20% copay for most services.
Part C (Medicare Advantage): These are Medicare-approved plans from private companies that offer an alternative to Original Medicare (Parts A and B). These "bundled" plans often include Part D (prescription drug coverage) and may offer extra benefits like vision, hearing, and dental. Costs and rules vary by plan, and you may need to use doctors within the plan's network.
Part D (Prescription Drug Coverage): Helps cover the cost of prescription drugs. It's run by private insurance companies that follow Medicare rules. You typically pay a monthly premium (which can be higher based on income), a deductible, and copays or coinsurance for your medications.
What Original Medicare (Parts A & B) generally doesn't cover:
Long-term care
Most dental care
Eye exams related to prescribing glasses
Dentures
Cosmetic surgery
Acupuncture
Hearing aids and fittings
Routine foot care
Costs: Medicare costs can include monthly premiums, annual deductibles, and coinsurance or copayments. The exact amounts vary depending on the part of Medicare and your income. Higher-income individuals pay higher premiums for Part B and Part D.
Important Note: Medicare and Medicaid are different programs. Medicare is a federal program, while Medicaid is a joint federal and state program that provides coverage to certain low-income individuals and families. Some people may be eligible for both.
Until next time,
Diane