WHAT SERVICES DOES MEDICARE COVER?
Find Out by Knowing the A, B, C &D’s of Medicare
In the 1940’s, President Truman advocated for a national health plan to insure seniors in retirement. Former President Truman became the first MEDICARE enrollee when legislation was enacted in 1965. Medicare Part A benefits started July 1, 1966, and an astounding, 19 million Americans age 65 or over signed on for national healthcare. Fifty years later, MEDICARE enrollment has topped over 55 million according to CMS (Centers for Medicare and Medicaid Services). Medicare is the largest single insurance provider in the United States. This is due in part to the aging baby boom population and greater life expectancies than in prior decades.
Medicare is federally funded health insurance. Eligibility is determined by the following criteria:
- Age 65 or older and eligible for social security benefits
- Under age 65 with a disability and eligible for social security benefits
- An individual of any age with end-stage renal disease
Medicare is not just one insurance policy. There are several segments of Medicare coverage.
CMS uses the alphabet to describe coverage available under Medicare. The chart below can assist you with understanding the MEDICARE alphabet of coverage.
According to the Kaiser Family Foundation Study, 69% of Medicare enrollees chose traditional Medicare plans and 39% chose Medicare Advantage Plans in 2015. Among those choosing Medicare Advantage Plans, 64% enrolled in a HMO plan which offers lower monthly premiums.
In exchange for lower premiums, enrollees must use HMO network providers or risk higher out of pocket costs.
Medicare was once an easy process, but with so many options, it can be overwhelming to navigate through the options and changing processes. It pays to evaluate your personal needs, do your research, ask questions before deciding on a plan. Remember the least expensive plan is not always the best and the most expensive plan is not always worth the price.
YOU CAN DOWNLOAD A PDF VERSION OF THE BELOW GRID HERE.