What Is Medicare Insurance?
A major government program in the U.S, it serves over 62 million people in the U.S., protecting the older and disabled. Unlike Medicaid, it doesn’t take into account the level of income or the state of poverty of the insured. Among the participants of the program, around 54 million are age beneficiaries while the rest are beneficiaries due to various disabilities.
What Does It Cover?
It primarily provides insured health of citizens aged 65 or older. The program is divided into four parts – Part A, Part B, Part C, and Part D – each of which covers various insurance cases, which all in all represent almost all possible insurance cases that a person aged 65+ can encounter.
How Much Does It Cost?
The exact cost of this or that part of the program will depend on many factors, including your level of income, relationship status, enrollment date, drugs you take, and more.
- Part A (Hospital Insurance) – no determined premium.
- Part B (Medical Insurance) – $58 to $374 per month; the government pays up to 75% of the premium for most beneficiaries.
- Part C (Medicare Advantage) – provided by approved private companies.
- Part D (Prescription Drug Plans) – your plan premium + $12 to $76 depending on your level of income.