When the Medicare program was passed in 1965 it had two parts to it. There was what we'll call "Part A": hospital insurance coverage. And then there was "Part B": medical insurance coverage. Late a "Part C" and a "Part D" were added to cover further health concerns.
Medicare's Part A will cover a hospital stay of at least 72 hours, this is measured by the time of hospital admission and the time of release. Part A will also pay for a stay in a nursing home (as long as it is related to the aforementioned hospital stay) as long as there are skilled nursing personnel present. Part A of Medicare is offered for free, paid for by periodic payroll tax deductions during the patient's working career.
Part B of Medicare provides medical coverage that is usually optional. Part B pays for some services and providers not covered under Part A. X-rays, lab tests, specific outpatient procedures, flu vaccines, and doctor's visits are some of the things covered under Part B.
Part B Medicare insurance requires the user to pay a monthly premium, unlike the Part A coverage. The person must choose whether or not to enroll in Part B Medicare Insurance when first notified of Medicare insurance eligibility just before their 65th birthday. The Part B monthly premium was $88.50 in the year 2006.
In 1997 a "Part C" was introduced that allowed Medicare members to receive medical care through private insurance plans. These plans would replace Part A and Part B of Medicare coverage. In 2003 these private plans were regulated and collectively called Medicare Advantage (MA) plans.
On January 1, 2006, Part D Medicare insurance was activated. Those already eligible for Parts A and B were therefore already eligible to participate in the new Part D prescription drug plan. The Medicare insurance benefit of Part D allowed members to subscribe to one of many private insurance prescription drug plans.
Medicare's Part D also lowered the prices on drug prescriptions for Medicare members. Similar to Part B, Part D requires a monthly premium. However, each of these private drug prescription programs have differing restrictions and conditions which made it difficult for many members to choose a plan.
Sadly, some agencies in the government predict Medicare will be bankrupt by 2018. It is apparent that retiring workers are using insurance quicker than current workers are able to pay in.
In 2005, the Medicare insurance program provided coverage to an estimated 42.5 million persons. The "Baby Boom" generation, once fully retired and enrolled in Medicare insurance, is expected to swell the ranks of the Medicare insurance members to approximately 77 million persons around the year 2031.
Medicare's Part A will cover a hospital stay of at least 72 hours, this is measured by the time of hospital admission and the time of release. Part A will also pay for a stay in a nursing home (as long as it is related to the aforementioned hospital stay) as long as there are skilled nursing personnel present. Part A of Medicare is offered for free, paid for by periodic payroll tax deductions during the patient's working career.
Part B of Medicare provides medical coverage that is usually optional. Part B pays for some services and providers not covered under Part A. X-rays, lab tests, specific outpatient procedures, flu vaccines, and doctor's visits are some of the things covered under Part B.
Part B Medicare insurance requires the user to pay a monthly premium, unlike the Part A coverage. The person must choose whether or not to enroll in Part B Medicare Insurance when first notified of Medicare insurance eligibility just before their 65th birthday. The Part B monthly premium was $88.50 in the year 2006.
In 1997 a "Part C" was introduced that allowed Medicare members to receive medical care through private insurance plans. These plans would replace Part A and Part B of Medicare coverage. In 2003 these private plans were regulated and collectively called Medicare Advantage (MA) plans.
On January 1, 2006, Part D Medicare insurance was activated. Those already eligible for Parts A and B were therefore already eligible to participate in the new Part D prescription drug plan. The Medicare insurance benefit of Part D allowed members to subscribe to one of many private insurance prescription drug plans.
Medicare's Part D also lowered the prices on drug prescriptions for Medicare members. Similar to Part B, Part D requires a monthly premium. However, each of these private drug prescription programs have differing restrictions and conditions which made it difficult for many members to choose a plan.
Sadly, some agencies in the government predict Medicare will be bankrupt by 2018. It is apparent that retiring workers are using insurance quicker than current workers are able to pay in.
In 2005, the Medicare insurance program provided coverage to an estimated 42.5 million persons. The "Baby Boom" generation, once fully retired and enrolled in Medicare insurance, is expected to swell the ranks of the Medicare insurance members to approximately 77 million persons around the year 2031.
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