medicare plans – Flashcards

federally sponsored health insurance and medical program for persons age 65 or older; administrated under the provisions of Social Security Act

hospital insurance that helps cover inpatient care in hospitals, skilled nursing facility, hospice, and home health care. Most people don't pay a Part A premium because they paid Medicare taxes while working

People 65 or older People under 65 with certain disabilities People of any age with End-Stage Renal Disease (ESRD) (permanent kidney failure requiring dialysis or a kidney transplant)

Part B helps cover medically-necessary services like doctors' services, outpatient care, durable medical equipment, home health services, and other medical services. Part B also covers some preventive services.

If you have Part B, you pay a Part B premium each month. Most people will pay the standard premium amount. Social Security will contact some people who have to pay more depending on their income. If you don't sign up for Part B when you're first eligible, you may have to pay a late enrollment penalty.

A Medicare Advantage Plan (like an HMO or PPO). If you join a Medicare Advantage Plan, the plan will provide all of your Part A (Hospital Insurance) and Part B (Medical Insurance) coverage. Medicare Advantage Plans may offer extra coverage, such as vision, hearing, dental, and/or health and wellness programs. Most include Medicare prescription drug coverage (Part D).

Medicare offers prescription drug coverage to everyone with Medicare. If you decide not to join a Medicare drug plan when you're first eligible, and you don't have other creditable prescription drug coverage, or you don't get Extra Help, you'll likely pay a late enrollment penalty.

a specialized supplemental insurance policy designed to cover the deductible and coinsurance amount left over after medicare pays

a federal and state assistance program that pays for health care services for people who cannot afford them