Medicare is health insurance for people 65 or older, people under age 65 who have certain disabilities, and people of any age who have been diagnosed with End-Stage Renal Disease (ESRD).
Medicare Part A and Medicare Part B is referred to as Original Medicare.
Medicare Part A
Medicare Part A is considered hospital insurance that helps cover:
- Inpatient care in hospitals
- Skilled nursing facilities
- Hospice care
- Home Health care.
For most Medicare-eligible enrollees, Medicare Part A has no premium. However, there is an per benefit period deductible.
Medicare Part B
Medicare Part B is considered medical (outpatient) insurance to help cover:
- Services from doctors and other health care providers
- Outpatient care
- Home health care
- Some preventive services
- Durable medical equipment
Part B includes a monthly premium, annual deductible, and 80/20 coverage.
There are policies and guidelines to consider when enrolling in Medicare Parts A and B, and Medicare Plans. It is very important to understand the policies in order to prevent:
- Gaps in medical and/or drug insurance
- Late enrollment penalties
- Delay in insurance coverage
- Higher premiums