Medicare And Medicaid Plans
By: Frank Vanderlugt -
Medicare is America's health insurance program for citizens or
permanent residents age 65 or older. Some patients younger than age
65 can also qualify for Medicare, including those who have
disabilities and those who have permanent kidney failure or
amyotrophic lateral sclerosis (Lou Gehrigs disease). Medicare helps
pay for the cost of health care, but it does not cover all medical
expenses or the cost of most long-term care.
The program is financed by a portion of the payroll taxes paid by
workers and their employers, as well as monthly premiums deducted
from Social Security checks. The Medicare program is run by The
Centers for Medicare & Medicaid Services.
Medicare has four parts. Part A is hospital insurance which helps
pay for inpatient services in a hospital, nursing facility or
hospice, and some forms of home health care. Part B helps cover
doctors services and many other medical services and supplies not
covered by hospital insurance. Part C, or Medicare Advantage,
allows patients to receive all of their health care services
through one of the provider organizations listed under Part C. Part
D is prescription drug coverage.
Medicare and Medicaid are two different programs. Medicaid is a
state-run program providing hospital and medical coverage for
low-income residents, and each state has its own eligibility rules
and coverage benefits. Some people qualify for both programs.
Information about the Medicaid program is available from local
medical assistance agencies, social services or welfare
offices.
Considering the high cost of medical care, Medicare provides
patients with great financial savings. An average monthly premium
of approximately $32 offers two levels of coverage, standard and
catastrophic. After a $250 deductible, Medicare pays 75% of the
cost of covered medications up to a yearly cost of $2,250. There is
extra help for people with limited income and resources.
Approximately one third of people with Medicare coverage will
qualify for extra help and Medicare will pay for almost all of
their prescription drug costs.
Once yearly out-of-pocket prescription costs exceed $3,600, which
often happens in the event of serious health problems such as AIDS,
cancer or heart disease , catastrophic coverage takes effect and
Medicare covers up to 95% of the remaining drug charges for the
rest of the year. Many health plans will offer more coverage,
smaller deductibles or premiums lower than $32. Most patients with
limited income and resources will pay only a few dollars for each
prescription.
Frank Vanderlugt is interested in Medical Care. Medicare And Medicaid
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