Medicare Health Insurance Need Not Be Expensive For Senior Citizens
In 1965 the original Medicare program was passed. Medicare had two parts then. Stays in a hospital for more than 72 hours were covered by Part A. Other medical insurance coverage costs were covered in Part B. Further down the road Part C and Part D were added to cover other health costs.
Medicare insurance Part A is insurance covering hospital stays at least 72 hours long, depending on time of admission and release. Furthermore, it pays for nursing home stays on the condition that the stay is related to a covered hospital stay, and that both the nursing supervision and nursing both require skilled personnel. Medicare insurance Part A part is paid for by the beneficiary’s (and their employer’s) periodic payroll tax deductions during his or her working career.
Part B of Medicare provides medical coverage that is usually optional. Part B pays for some services and providers not covered under Part A. X-rays, lab tests, specific outpatient procedures, flu vaccines, and doctor’s visits are some of the things covered under Part B.
Unlike Part A, Part B requires a monthly payment. At age 65 an individual is notified of their eligibility for Medicare, it is at this time they can decide whether or not to enroll in and pay for Part B. In 2006 the monthly premium for Part B was set at $88.50.
Part C Medicare insurance gave Medicare members the option to receive medical care through private insurance plans in beginning in 1997. The private plans replaced Part A/B Medicare insurance coverage. In 2003, the private plan changed and they were called Medicare Advantage (MA) Medicare insurance plans.
Part D Medicare was instituted on January 1st, 2006. Those eligible for Parts A and B were automatically approved to be in the Part D prescription drug plan. Part D allowed members to have one of several prescription drug plans.
Medicare’s Part D also lowered the prices on drug prescriptions for Medicare members. Similar to Part B, Part D requires a monthly premium. However, each of these private drug prescription programs have differing restrictions and conditions which made it difficult for many members to choose a plan.
There are some governmental agencies that predict a grim future for Medicare, saying the program may go bankrupt by 2018. The problem is that there are more people retiring and enrolling in Medicare than there are people paying into Medicare.
Just in 2005, Medicare was providing benefits to around 42.5 million people. Thanks to the Baby Boomers, Medicare is estimated to be providing coverage to at least 77 million people by 2031.
Related posts:
- Medicare Insurance Programs: Saving Money For Senior Citizens The original Medicare benefit program, passed in 1965, was comprised of two parts. Part A contained the hospital part of the Medicare insurance coverage. Part B, specified the medical part of the Medicare insurance coverage. Parts C and D were later added to address additional health concerns....
- Medicare Insurance Program Saves Money For Seniors In 1965 the original Medicare program was passed. Medicare had two parts then. Stays in a hospital for more than 72 hours were covered by Part A. Other medical insurance coverage costs were covered in Part B. Further down the road Part C and Part D were added to cover other health costs....
- Medicare Benefits Programs: A Brief History of Your Health Benefits July 30th, 1965. U.S. President Lyndon B. Johnson had an amendment passed to the Social Security Legislation, that amendment was the Medicare Benefit legislation. Medicare is a government run, tax payer funded, social health insurance program for the United States for people over 65, or those under 65 that have specific disabilities....
- Medicare Benefits: A Brief History of Your Health Benefits On July 30, 1965, U.S. President Lyndon B. Johnson passed the Medicare Benefit legislation as an amendment to the Social Security Legislation. Medicare is a health insurance program for U.S. citizens at least 65 years old, or those aged younger than 65 years who suffer from certain disabilities....
- A Brief History of Your Medicare Benefits It was July 30th, 1965 when President Lyndon B. Johnson passed an amendment to the Social Security program known as the Medicare Benefit legislation. Medicare is a United States health insurance program for US citizens of at least 65 years of age, or individuals with certain disabilities who are under the age of 65....
Written by Peggy Arenas on December 10th, 2009 with
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