Medicare - you frequently hear it discussed in the media, yet unless you're an insurance pro, you may still feel totally clueless about this important topic.
No worries! Kindred Insurance Solutions is here to get you up to speed in mere moments!
What is Medicare, anyway?
Medicare is health insurance offered by the U.S. government to people who are 65 years of age or older, and to younger individuals with certain disabilities. First rolled out in 1965 as part of the Social Security Administration, Medicare aims to help pay for medical expenses incurred by senior citizens. Consider this: As people age, their health depends more on visiting the doctor and treating what ails them. Unfortunately, this is the period in life where these folks are earning little to no money to cover their medical bills. That's where Medicare comes in! During their working years, individuals pay into the program through payroll taxes, and the money is there to protect them in their golden years, when they're most vulnerable.
In order to be eligible for Medicare, you must be a U.S. citizen or a legal resident for at least five years, and you need to have a total of at least ten years in the workforce.
As mentioned above, the program is available after age 65, but also for some younger people with a disability status determined by the SSA, including people with end stage renal disease and amyotrophic lateral sclerosis (ALS).
In a given year, over 60 million Americans utilize their Medicare benefits! The program covers about half of the medial costs incurred by enrollees, so many
people get private health insurance to help cover the rest. We bet you've heard the terms Medicare Part C and Part D. These are important things to understand,
so lets clear this up once and for all, starting with Part A.
Part A: Covers formally admitted, inpatient care at a hospital. It also covers skilled nursing, and hospice care.
Part B: Covers outpatient doctor and hospital visits, as well as the medication that is administered while you're visiting the doctor.
Part C: Also known as Medicare Advantage. Part C offers upgraded plans in partnership with private companies approved by Medicare.
Medicare pays a fixed amount to these companies towards your care every month, and you pay the remainder. Part C plans provide you with
everything from parts A and B, plus additional coverages such as vision, hearing, dental, and other wellness programs. Most also
include Medicare Part D, which brings us to...
Part D: The prescription drug plan. This covers prescription drugs that are self-administered at home.
See, not so complicated after all! The goal here at Kindred Insurance Solutions is to make everything this easy for you. Without someone to guide you through the wide world of insurance, it's easy to get bogged down in confusing details. We're just a click or a call away, and there isn't anything that we love more than helping our clients get the coverage they need. Hit that chat button to get in touch with us! We'll get started right away finding fantastic options tailored to your personal needs.
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