Medicare is a federal health care program offered to U.S citizens aged 65 or older and to younger citizens with certain disabilities. It is also meant for citizens of all ages who are suffering from End stage renal disease like kidney failure. However, it does not cover all medical expenses or the cost of most long-term care. It has the following parts:

  • Part A: Hospital Insurance – This helps to cover inpatient care in hospitals, skilled nursing facilities and some home healthcare.
  • Part B: Medical Insurance – It helps to cover doctor’s services and any other medical services not covered by Hospital Insurance.
  • Part C: Medicare Advantage – This plan provides you with a combined coverage of both Medicare Part A and Part B. It is a coverage provided by the private insurance companies.
  • Part D: Prescription Drug coverage – This coverage help lower prescription drug cost and protects against higher cost in future.

Out-of-pocket expenses required by the policy

It is important to remember that neither Part A nor Part B of this policy pays for all of a covered person’s medical costs. This healthcare program contains such expenses like premiums, deductibles and coinsurance, which are to be covered by the beneficiary out of pocket.

Premium to be paid on this policy

Most people with this policy do not pay a monthly Part A premium, because they (or a spouse) have had 40 or more 3-month quarters in which they paid Federal Insurance Contribution Act taxes. People eligible for this plan, who do not have 40 or more quarters of Medicare-covered employment may purchase Part A for a monthly premium.

All beneficiaries with Part B coverage pay a premium that is commonly deducted from the monthly Social Security checks of the beneficiaries. Charging premiums on the Part C and Part D plans is at the programs’ discretion, so you may or may not have to pay premiums.

Benefits of the coverage

Here are the following benefits on Medicare plans:

1. Low monthly payments: Most of the times the monthly payments are low and are deducted from a person’s social security check making the plan very affordable.

2. Does not limit the choice: You can consult any doctor or service provider of your choice. The healthy provider might not be from the listed provider. However, it is advisable to consult health providers from within the network to enjoy full benefits of the plan.

3. Additional benefits offered: Additional benefits can include vision and dental coverage.

Drawbacks of the policy

The following are the drawbacks of the policy:

1. Does not cover costly treatment: Most of the time Medicare plan refuses to pay for the costly treatments, especially for the experimental therapies. If you become very ill, your insurer might become increasingly reluctant to cover your medical expenses.

2. Does not cover all costs: It does not pay all the medical expenses. There are cost like coinsurance, co-payments and deductibles which you must pay.

Medicare programs do not provide coverage for all treatments and medical expenses. So, it is important that you have proper information about the coverage before you receive any treatment.

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