Medicare
A government-run insurance program that provides healthcare assistance to elderly Americans.
Medicare is a federal health insurance program in the United States that covers people who are 65 years or older, some young people with disabilities, and people with end-stage renal disease. Medicare coverage is divided into several parts:
1. Part A: Hospital Insurance – This covers inpatient hospital stays, skilled nursing care, hospice care, and some home health care services.
2. Part B: Medical Insurance – This covers doctor visits, outpatient care, preventive services, and medical equipment.
3. Part C: Medicare Advantage – This is an alternative to traditional Medicare and allows beneficiaries to receive their benefits through a private insurance plan.
4. Part D: Prescription Drug Coverage – This covers prescription drugs and is provided through private insurance companies.
Beneficiaries usually pay monthly premiums for Part B and Part D coverage and may have to pay deductibles, copayments, and coinsurance for services covered under all parts of Medicare. Medicare is funded through payroll taxes, premiums, and general revenue.
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