What is Medicare and Social Security is a question some might ask. Different parts of Medicare cover different services. Medicare is the largest health program in the United States. It is an insurance program that covers 40 million people that are over 65 years old and over 8 million people with disabilities. Medicare is the federal health insurance program for people who are 65 or older, certain younger people with disabilities, and people with End-Stage Renal Disease. It has 4 parts to it and each helps cover specific services offered to you.
Lets start off with Part A, in a summary part A covers hospital care, skilled nursing facility care, nursing home care, hospice and home health services. Part B covers 2 types of services Medically necessary services, and preventive services. Part C is the part of Medicare policy that enables private health insurance companies to provide Medicare benefits, yet it is not a separate benefit. The last part, Part D is the prescription drug plan. …show more content…
This Medicare supplemental insurance is called Medigap. It is used to cover some of the health care costs that the original Medicare doesn’t cover such as copayments, coinsurance, and deductibles. Medicare Advantage Plan is a type of Medicare health plan offered by a private company that works with Medicare to supply you with all your Part A and Part B benefits.
Social Security is any government system that provides monetary assistance to people with an inadequate or no income. It is the foundation of economic security for millions of Americans. Approximately 158 million Americans pay social security taxes. On the other hand, 57 million collect benefits on a monthly basis. In actuality, as you work and pay social security taxes into the program, this can be considered a form of savings for your retirement. Depending on what age you retire will affect how much you will collect
Lets start off with Part A, in a summary part A covers hospital care, skilled nursing facility care, nursing home care, hospice and home health services. Part B covers 2 types of services Medically necessary services, and preventive services. Part C is the part of Medicare policy that enables private health insurance companies to provide Medicare benefits, yet it is not a separate benefit. The last part, Part D is the prescription drug plan. …show more content…
This Medicare supplemental insurance is called Medigap. It is used to cover some of the health care costs that the original Medicare doesn’t cover such as copayments, coinsurance, and deductibles. Medicare Advantage Plan is a type of Medicare health plan offered by a private company that works with Medicare to supply you with all your Part A and Part B benefits.
Social Security is any government system that provides monetary assistance to people with an inadequate or no income. It is the foundation of economic security for millions of Americans. Approximately 158 million Americans pay social security taxes. On the other hand, 57 million collect benefits on a monthly basis. In actuality, as you work and pay social security taxes into the program, this can be considered a form of savings for your retirement. Depending on what age you retire will affect how much you will collect