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Medicare Basics Print E-mail
Written by Scot Colgrove   
Thursday, 17 June 2010 00:00
Page 1 of 3
Overview: Navigating through Medicare enrollment can be a daunting task. The following provides a basic overview of Medicare and the choices those who are eligible have to make.
When Kathleen Casey-Kirschling filed for Social Security benefits on October 15, 2007, she became the first of the estimated 80 million Baby Boomers to become eligible for Social Security and Medicare. The Medicare program can be an especially complicated system — particularly Medicare Part D and supplemental Medicare plans. A basic understanding of how Medicare works is necessary when planning financial futures.
 
To be eligible for Medicare, you must be at least age 65 and either an American citizen or a permanent resident for five continuous years. You are also eligible if you are deemed disabled by the Social Security Administration, even if you are not age 65. Costs for Medicare are generally paid through payroll taxes, and enrollment automatically occurs if you are enrolled for Social Security benefits (though you will have to enroll on your own for Medicare if you have not signed up for Social Security).
 
Medicare is composed of three parts: Part A, Part B and Part D:
  • Part A, known as hospital insurance, is generally provided at no cost as coverage is paid by the Medicare taxes collected during the working lives of you (and your spouse). Those who have never paid or not paid enough in Medicare taxes can purchase Part A coverage.
  • Part B is medical insurance and covers doctor’s visits. You pay monthly premiums for this coverage, which is usually deducted from your monthly Social Security benefit.
  • Part D covers prescription drugs and is also purchased through monthly premiums.
An alternative to traditional Medicare is a Medicare Advantage plan, also known as Medicare Part C. The following is basic information about each part.

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Last Updated on Thursday, 17 June 2010 08:07