What is Medicare?
Medicare is federally funded by a branch of the Department of Health and Human Services called The Centers for Medicare & Medicaid Services (CMS). It’s designed to provide coverage for the following individuals:
- People turning 65 and older.
- Those with End-Stage Renal Disease, which is kidney failure that requires dialysis or a transplant.
- Some people under 65 with certain disabilities.
- Beneficiaries must be a U.S. Citizen or legal resident for five continuous years.
Parts of Medicare
Medicare is comprised of different parts, each serving a specific purpose:
Part A (Hospital Insurance): Covers inpatient hospital stays, skilled nursing facility care, hospice care, and some home healthcare services.
Part B (Medical Insurance): Covers outpatient care, preventive services, doctor’s visits, durable medical equipment, and some home healthcare services.
Part C (Medicare Advantage): Private insurance plans that combine Part A and Part B coverage and often include additional benefits such as dental and vision coverage.
Part D (Prescription Drug Coverage): Offers prescription drug coverage through private insurance plans, helping you manage the costs of necessary medications.
Enrollment and Eligibility
Most people are automatically enrolled in Medicare Part A when they turn 65 if they’re already receiving Social Security benefits. However, enrollment in Part B is usually required, and you may need to take action to avoid late enrollment penalties. It’s essential to understand the Initial Enrollment Period and other enrollment periods to ensure you don’t miss out on important coverage.
Get Started Today
Ready to take charge of your healthcare coverage? Explore our website for more in-depth information on each component of Medicare, and don’t hesitate to reach out to our knowledgeable advisors for personalized assistance. With Senior Financial Group, you’re equipped with the knowledge and support you need to make the best decisions for your health and well-being. Our certified and licensed advisors are available to answer all your questions. Call us today at 865-777-0175 or submit the form below to get started!