What is Medicare? Medicare is federal health insurance for people 65 and older individuals 65 and under with certain disabilities, and any person with End Stage Renal Disease (ESRD) and Lou Gehrig’s disease also known as Amyotrophic Lateral Sclerosis (ALS) (Medicare Matters, n.d.). Medicare is one of the largest federal government programs that provide health care benefits to the elderly. The Centers for Medicare & Medicaid Services is the organization in control of the Medicare program. Three parts of Medicare discussed is how Medicare is financed, those who are eligible for Medicare and the benefits such as differences in premiums and covered services.
Medicare Financed Medicare is paid through two trust funds that are held by the …show more content…
The eligibility criteria include the following: a U.S. citizen or legal resident, lived in the U.S. for a minimum of five years, and worked at a minimum of 10 years in Medicare-covered employment (Towers Watson, 2014). Individuals may have to apply for Medicare benefits if the member has not applied for Social Security or Railroad Retirement benefits, employed by the government, or have kidney disease (Towers Watson, 2014). Those individuals under 65 may qualify for Medicare if the person has End Stage Renal Disease (ESRD) or has received Social Security Disability Income (SSDI) for 24 months or in the first month of disability for Lou Gehrig Disease also known as ALS (Towers Watson, 2014). In addition, a person has the option to purchase additional insurance coverage to cover the gaps of …show more content…
Medicare is paid by two trust funds that are held by the U.S. Treasury, Hospital Insurance (HI) Trust Fund and Supplementary Medical Insurance (SMI) Trust Fund. A portion of payroll taxes and the employer covers most of the Medicare expenses. Medicare is one of the largest federal government programs that provide health care benefits to the elderly. Most individuals qualify for Medicare around 65 and over. Some individuals under 65 may qualify for Medicare if the person has End Stage Renal Disease (ESRD) or has received Social Security Disability Income (SSDI) for 24 months or in the first month of disability for Lou Gehrig Disease also known as ALS (Towers Watson, 2014). Medicare has four different parts: Hospital Insurance, Part A; Medical Insurance, Part B; Medicare Advantage, Part C; and Prescription Drug coverage, Part D. In addition, the program assists with the expenses of health care, but it does not cover all medical expenses or the price of most long-term care. Medigap coverage can be used to purchase from a private insurance company to cover the additional expenses that Medicare does not
Medicare Financed Medicare is paid through two trust funds that are held by the …show more content…
The eligibility criteria include the following: a U.S. citizen or legal resident, lived in the U.S. for a minimum of five years, and worked at a minimum of 10 years in Medicare-covered employment (Towers Watson, 2014). Individuals may have to apply for Medicare benefits if the member has not applied for Social Security or Railroad Retirement benefits, employed by the government, or have kidney disease (Towers Watson, 2014). Those individuals under 65 may qualify for Medicare if the person has End Stage Renal Disease (ESRD) or has received Social Security Disability Income (SSDI) for 24 months or in the first month of disability for Lou Gehrig Disease also known as ALS (Towers Watson, 2014). In addition, a person has the option to purchase additional insurance coverage to cover the gaps of …show more content…
Medicare is paid by two trust funds that are held by the U.S. Treasury, Hospital Insurance (HI) Trust Fund and Supplementary Medical Insurance (SMI) Trust Fund. A portion of payroll taxes and the employer covers most of the Medicare expenses. Medicare is one of the largest federal government programs that provide health care benefits to the elderly. Most individuals qualify for Medicare around 65 and over. Some individuals under 65 may qualify for Medicare if the person has End Stage Renal Disease (ESRD) or has received Social Security Disability Income (SSDI) for 24 months or in the first month of disability for Lou Gehrig Disease also known as ALS (Towers Watson, 2014). Medicare has four different parts: Hospital Insurance, Part A; Medical Insurance, Part B; Medicare Advantage, Part C; and Prescription Drug coverage, Part D. In addition, the program assists with the expenses of health care, but it does not cover all medical expenses or the price of most long-term care. Medigap coverage can be used to purchase from a private insurance company to cover the additional expenses that Medicare does not