The importance of Medicare for your personal savings and finance

Medicare has been providing Americans with health insurance since 1966. A government health insurance program, Medicare offers cover to Americans aged sixty-five and over who have worked and paid into the health insurance program through their payroll tax. The Medicare program has also been expanded to younger people who have permanent disabilities and certain diseases.

Commonly, government programs are complex and complicated to understand. However, Medicare doesn’t need to be complicated, if you know the basics.

In this article, we break down the essential info so it is crystal clear how Medicare can help you with your health and personal finance.

There are four parts to Medicare benefits:

  • Part Aknown as Original Medicare – this benefit offers coverage for inpatient hospital care, inpatient stays in most skilled nursing facilities, and hospice and home health services. Part A is managed by Medicare and provides Americans coverage for inpatient stays at medical facilities.
  • Part B  Medical Insurance – this medical insurance coverage includes Doctor and clinical lab services, outpatient and preventive care, home health care and screenings. Medical equipment such as wheelchairs and scooters are also included in this premium.
  • Part C-   Medicare Advantage is another way to get Part A (hospital insurance) and Part B (medical insurance) combined together plus additional benefits that are not offered by Medicare such as vision, hearing and dental. This plan is managed through a private insurance company, and costs vary depending on the specific plan you choose.
  • Part D  prescription drug coverage – signing up to one of these plans offers help covering the cost of a list of medications and may lower the prescription drugs costs and protect you against higher costs in the future.

These four parts of Medicare provide health services and coverage for over 55 million people in America. On average half of the USA’s health care charges are covered by Medicare giving the members financial relief when they need it the most.

Medicare members typically pay a monthly premium so they can rest assured that they will have the health care they deserve without the financial stress of having the massive bills.

If you’re interested in finding out more about Medicare and how you can ensure you are maximizing your personal finance when it comes to your health check out the website or contact one of the friendly Medicare team today.

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