Is Medicare Health Insurance? Is There Anything I Should Know?

is medicare health insurance

Everyone wants to know, “Is Medicare health insurance?” Let us explain.

What Is Medicare?

You have been paying for medical insurance for many years and as you approach retirement you may be wondering whether Medicare is the same thing. As a matter of fact it is, only this time your premiums are largely taken care of by the federal government. Medicare is a free medical insurance program for anyone who is older than 65. That said, you ought to know that the same way you pay deductibles with ordinary medical insurance you will pay deductibles for Medicare.

The Four Parts of Medicare

Medicare plans are divided into 4 main parts. The most basic are Plans A and B — A covers inpatient, while B covers outpatient. If you enroll for a Plan A and have paid Medicare taxes for at least 10 years of your working life, both you and your spouse may not be required to pay any deductibles. However, if your medical stay in a treatment center exceeds a certain period or the cost goes past a certain amount, you may be required to pay a deductible. The same applies for Plan B.

Plan C is a combination of Plans A and B, and the deductible you pay will depend on your situation. All 3 of these plans do not cover prescription medication, and if you want to be covered for it you will need to enroll in a Part D Medicare plan. You will be required to pay certain minimums in deductibles and maximums will depend on how much medication you require every month.

All this may sound daunting to a senior. It shouldn’t be. You can get someone to walk through it with you so that you understand what your options are. Browse our Medicare video library.

Examine Your Finances

Before you choose what Medicare plan is best for you, it is a good idea to examine your finances. How much can you comfortably afford to pay in deductibles or Medicare supplement premiums? Also, take into account your overall health so that you can choose a plan that takes care of you. Medicare On Video is here to help.

Buy a Medigap Plan

To get rid of deductibles you can buy a Medicare supplement plan. This involves paying premiums every month so that every time you have a deductible, the insurance company pays it off for you. The premiums that you pay are smaller than you would pay in deductibles, and many of these policies come with important benefits that can come in handy depending on your medical situation.

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