Medicare: What Does It Cover?

Medicare is the federal government’s health insurance program for those who are 65 years and older. People who are under the age of 65 may qualify for the plan if they have certain disabilities or illnesses. The coverage offered by Medicare plays an important role in helping people contain their medical costs as they age. That said, it’s important to note that Medicare doesn’t pay for everything. As we approach the age of 65, we need to decide how to deal with those coverage gaps, which can result in additional expenses. Fortunately, knowing how Medicare works and what exactly it covers can help most people determine what sort of expenses they’re likely to face.

Is Medicare Free?

Most people don’t pay any premiums for Part A coverage if they or their spouse paid Medicare taxes for a minimum period of 10 years. People who don’t qualify for premium-free Part A can still apply for coverage. However, it will cost a few hundred dollars. All other parts of Medicare that cover things like prescription drugs and doctor visits require separate premiums that will have to be paid every month.

What Does Medicare Part a Cover?

Medicare Part A covers inpatient care in a skilled nursing facility or hospital. Keep in mind that long-term care is not covered by Part A.

What Does Medicare Part B Cover?

Medicare Part B covers medically-necessary services and doctor visits. Preventive services, ambulance services, costs incurred for durable medical equipment, etc., are covered by Part B. The premium for Part B starts at around $170.10.

What Does Medicare Part C Cover?

Medicare Part C, also known as Medicare Advantage, is a type of insurance plan that is offered by private health insurance companies. Part C provides benefits offered by Parts and B and often covers prescription drugs as well. Some bundled plans may offer additional coverage for dental care, hearing, and vision. The premium for Part C will need to be paid separately to the insurer.

What Does Medicare Part D Cover?

Medicare Part D provides coverage for prescription drugs. Plans that are offered by private health insurance companies typically require a premium of around $30 a month.