What is Medicare?
- Medicare is a government-funded program that provides health coverage for people above the age of 65 and younger beneficiaries with disabilities
Who does Medicare cover?
- Medicare covers about 50 million Americans, 8 million of which are non-elderly individuals with disabilities
How is Medicare structured?
- Medicare is split up into four different parts: A, B, C, and D. Parts A and B are automatically covered for all Medicare beneficiaries. Part C is known as the “Medicare Advantage Program”. It is not covered by the government and must be paid for by the beneficiary, and it replaces parts A and B rather than supplementing them. Part D is a supplementary part that must be paid for by the beneficiary as well.
What does Medicare cover?
- Part A includes coverage for hospitals, nursing facilities, and hospice. Part B includes coverage for physician visits and outpatient services. Part C covers additional services, which are usually more complex procedures or extensive testing. Part D provides prescription drug coverage at a subsidized cost
How much does Medicare cost?
- The United States government currently spends about $560 billion on Medicare each year, and this number is projected to grow to $1.1 trillion by the year 2022.