Understanding Medicare, Parts A – D, and Medigap Policies

 

Medicare Part A

Original Medicare is a creation of the Johnson administration in 1965.  Medicare is health insurance for those aged 65+.  There is a premium associated with coverage, and this premium is deducted from the social security benefit.  As with any government program, there is nothing easy to understand about Medicare.  In this blog entry, I’ll cover the highlights.

Medicare vs. Medicaid

Please don’t confuse Medicare with Medicaid.  Medicare is health insurance.  Medicaid is a state welfare benefit, though partially funded with federal dollars.  The Medicare beneficiary is age 65.  Someone who has been receiving social security disability for more than 2 years is also covered.  Coverage is for individuals, so a retiree of age 65 cannot cover his spouse of 63 on the same policy.  This spouse will have to wait two more years to elect coverage.

What’s covered?

Basically, Part A covers hospitalization,...

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