Health insurance among seniors in society is costly and inaccessible for most people. Fortunately, the Medicare program has proven a worthwhile option, covering this audience comprehensively. However, not many people understand what this program brings to the table. The following insights will help elaborate on this bit.
What Is Medicare?
Medicare is a health insurance program fronted by the federal government. For you to be eligible for this program, various elements must suffice, including people above 65 years, young persons with disabilities, and ESRD patients. You’ll also need to subscribe to this plan three months before turning 65.
According to a 2020 Association of American Medical Colleges Physician Shortage report, the aging population and growth have contributed to high demand. Between 2018 and 2033, the population is projected to grow by 10.1%, translating to approximately 34 million people. At the same time, people less than 18 years old will grow about 3.9%.
With this growth, there will be a growing need for medical health insurance. Opting for this program designed for people aged 65 and above, young persons with disabilities, and people with End-Stage Renal Disease is worth it. Besides, not most insurance companies will likely accept to insure this target group.
Medicare Has a Cost
Medicare comes in two main categories, Part A and Part B. The first category of Medicare pays for hospital services. It is designed for you and your spouse if you have paid Medicare payroll taxes for a decade. Part A requires you to pay a yearly deductible and coinsurance. Approximately 50% of Medicare claims have errors, meaning you must get all these insurance covers correctly.
On the other hand, Part B Medicare covers consultations and outpatient services. It requires you to pay a monthly premium of about $170. This option calls for a monthly premium, a deductible, and 20% of the Medicare costs of some approved care options.
There is also a Part C Medicare, alternatively called Medicare Advantage. This option offers comprehensive coverage for hearing, vision, wellness, and dental issues. However, you will get this plan from a private insurance company. It would help if you enrolled in Part A and Part B Medicare to qualify for Part C.
You could also consider Part D, which handles prescription drug costs. The basic package of Part D Medicare requires a monthly premium of about $33.
What Does Medicare Cover?
Various elements help determine what Medicare covers, including the type and premium package paid. This program covers multiple health issues and hospital arrangements, including cancer screening, x-rays, hospital stays, and doctor consultations. While this arrangement covers various aspects, enrollees must cover some out-of-pocket costs. A supplemental insurance cover could help.
Part A Medicare is a hospital insurance cover that handles surgery, inpatient care, lab tests, and anesthesia. It also takes care of hospice care, lab tests, and anesthesia. On the other hand, Part B is medical insurance that handles doctor services, acupuncture, durable medical equipment, and lab tests. You’ll also rely on it for x-rays, prosthetics, STIs, and orthodontics.
What Does Medicare Not Cover?
Medicare is designed for specific medical conditions. For this reason, you must confirm with your Medicare provider to check whether this condition is covered. Top conditions not covered by this program include dentures, long-term care, cosmetic procedures, routine foot care, and hearing aids. Walking canes, weight loss, and cosmetic procedures are also not on this list.
At the same time, Medicare does not cover the entire cost of your hospitalization or treatment. Various out-of-pocket costs will suffice, including monthly premiums for Part B Medicare. Besides deductibles, you might need to add a few copays and coinsurance. For example, a 20% charge on the cost could be necessary for some instances.
Medicare is integral in taking care of the health issues of seniors and underprivileged persons in society. The information above makes it easy to understand why it is a worthwhile investment.