Medicare Basics

Understanding Medicare

Medicare Basics

By Marie Cantone

What is Medicare?
It is a federal system of health insurance for people 65 years of age and for certain younger people with disabilities and if you have End Stage Renal Disease.

What is Medicaid?

It is a federal system of health insurance for those requiring financial assistance. (Some people get confused on the difference. Just think of “AID” as getting assistance.)

What is Original Medicare?
Part A – helps cover your inpatient care in hospitals. Part A also includes coverage in skilled nursing facilities (NOT custodial or long-term care). It also covers hospice care and home health care.

  • For most people there is NO fee for Part A
  • There is a deductible with Part A

Part B – helps cover medically necessary services like doctors’ services, outpatient care, and other medical services that Part A doesn’t cover. It also covers many preventive services.

  • There is a FEE for Part B and it is based upon your income
  • Medicare pays 80% and you pay 20%

CONTENT DISCLAIMER

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