Medicare programs were established in 1965 and have offered medical assistance to millions of elderly, those with disabilities, and also people with certain chronic health conditions. Below, we’ve put together a few must-know details about the program.
Most Medicare-Related Terms Have More than One Name
We’re not really sure why, but when it comes to the Medicare program, most things have multiple names. For instance, Medigap Insurance is also called Medicare Supplement Insurance. Similarly, Original Medicare is also called Medicare Parts A and B. Medicare Advantage is also known as Medicare Part C, and so on.
People Who Earn More May Have to Pay More
While the majority of people will pay the regular rate, some people may pay a higher premium for Medicare Part B due to their higher income.
Medicare Doesn’t Cover All Medical Expenses
People usually pay for Medicare their entire life, yet it still doesn’t cover 100% of all medical expenditures. There’s a 20% coinsurance, which can add up quickly if one has a medical emergency. A heart attack, for example, can cost between $750,000 and $1 million. If one’s heart attack ends up costing $750,000, the 20% coinsurance would be $150,000. To cover the 20% coinsurance, we recommend looking into Medicare Supplements.
Medicare Doesn’t Cover Hearing, Dental, or Vision-Related Expenses
Most dental services, procedures, or supplies, such as cleanings, tooth extractions, fillings, dentures, etc., are not covered by Medicare. Medicare Part A (also called Hospital Insurance) will cover certain dental services that patients receive while in the hospital. Even though regular dental treatment isn’t covered, Part A will pay for emergency or expensive dental operations. Medicare will only pay for diagnostic hearing and balance screenings if the health care professional requires them to determine whether one needs medical treatment. Unfortunately, Medicare does not cover hearing aids, hearing exams, or hearing aid fittings. Hearing tests and hearing aids will have to be paid for by the beneficiary.
Keep in mind that most people have to enroll for Medicare during the initial enrollment period if they want to avoid paying the penalty. Before enrolling, make sure to go through the fine print of the Medicare program.
