Medicare Insurance – A Lifesaver for Many Older Americans

The original Medicare benefit program, passed in 1965, was comprised of two parts.  Part A contained the hospital part of the Medicare insurance coverage.  Part B, specified the medical part of the Medicare insurance coverage.  Parts C and D were later added to address additional health concerns.

Medicare insurance Part A is insurance covering hospital stays at least 72 hours long, depending on time of admission and release.  Furthermore, it pays for nursing home stays on the condition that the stay is related to a covered hospital stay, and that both the nursing supervision and nursing both require skilled personnel. Medicare insurance Part A part is paid for by the beneficiary’s (and their employer’s) periodic payroll tax deductions during his or her working career.

Medicare insurance Part B is optional medical coverage.  This Medicare insurance pays for some of the medical providers and services not reimbursed under Part A.  Part B Medicare insurance can include lab tests, x-rays, doctor visits, certain outpatient procedures, flu vaccinations, and more.

Part B Medicare insurance requires the user to pay a monthly premium, unlike the Part A coverage. The person must choose whether or not to enroll in Part B Medicare Insurance when first notified of Medicare insurance eligibility just before their 65th birthday. The Part B monthly premium was $88.50 in the year 2006.

Part C Medicare insurance gave Medicare members the option to receive medical care through private insurance plans in beginning in 1997.  The private plans replaced Part A/B Medicare insurance coverage.  In 2003, the private plan changed and they were called Medicare Advantage (MA) Medicare insurance plans.

On January 1, 2006, Part D Medicare insurance was activated.  Those already eligible for Parts A and B were therefore already eligible to participate in the new Part D prescription drug plan.  The Medicare insurance benefit of Part D allowed members to subscribe to one of many private insurance prescription drug plans.

Part D Medicare insurance allowed members to pay less for their prescriptions.  Like Part B, Part D Medicare insurance required the member to pay a monthly premium.  Unfortunately, each of the private insurance prescription drug plans had varying restrictions and caused a great deal of confusion among those trying to choose a plan.

Some government agencies predict that the Medicare insurance program may run out of money around 2018.  It seems that workers are retiring and using Medicare insurance faster than current workers are paying into the Medicare insurance bank account. 

In 2005, the Medicare insurance program provided coverage to an estimated 42.5 million persons.  The “Baby Boom” generation, once fully retired and enrolled in Medicare insurance, is expected to swell the ranks of the Medicare insurance members to approximately 77 million persons around the year 2031.

2 Responses to Medicare Insurance – A Lifesaver for Many Older Americans

  • Annie M O'Sullivan says:

    I ama 65 years of age and have my medicaid card.
    However, I have a daughter, Annemarie who is 40 years of age and was injured in a car accident in l984. She was and still is a Traumatic Brain Injury as a result of this accident. She received Social Security Survivors Benefits under her father’s SS #.

    Currently she is under my insurance policy where I work, but if I were to retire in the next year or two I need to get separate medical coverage for her. I did receive a Medicaid or Medicare card for her, I am not sure which one, however I cannot find this card and would like to know where I apply for a replacement card.

    Should you require any information, her SS# etc., please do not hesitate to contact me via email.

    Thank you for your time and effort in helping me straightening this out.

    Sincerely,

    Annie M. O’Sullivan

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