Best Life Insurance:Medicare Insurance Program Saves Money For Seniors
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by Deanna Lofton
In 1965 the original Medicare program was passed. Medicare had two parts then. Stays in a hospital for more than 72 hours were covered by Part A. Other medical insurance coverage costs were covered in Part B. Further down the road Part C and Part D were added to cover other health costs.
The coverage of Part A encompasses any hospital visit that was at least 3 days from admission to release. Also it covers stays in assisted living facilities if the reason for the stay is related to your covered hospital stay. Additionally, it requires that the nursing supervisor and nurse are both skilled personnel. Part A is paid from your standard tax deductions during your working career.
Part B is an optional benefit of Medicare. Pat B includes many medical services and medical providers not covered by Part A. This means that lab tests, visits to the doctor, particular outpatient procedures, flu vaccinations and more are covered by Part B of Medicare insurance.
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 .50 in the year 2006.
In 1997 a “Part C” was introduced that allowed Medicare members to receive medical care through private insurance plans. These plans would replace Part A and Part B of Medicare coverage. In 2003 these private plans were regulated and collectively called Medicare Advantage (MA) plans.
Part D Medicare was instituted on January 1st, 2006. Those eligible for Parts A and B were automatically approved to be in the Part D prescription drug plan. Part D allowed members to have one of several prescription drug plans.
Medicare’s Part D also lowered the prices on drug prescriptions for Medicare members. Similar to Part B, Part D requires a monthly premium. However, each of these private drug prescription programs have differing restrictions and conditions which made it difficult for many members to choose a plan.
Sadly, some agencies in the government predict Medicare will be bankrupt by 2018. It is apparent that retiring workers are using insurance quicker than current workers are able to pay in.
Just in 2005, Medicare was providing benefits to around 42.5 million people. Thanks to the Baby Boomers, Medicare is estimated to be providing coverage to at least 77 million people by 2031.
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Find more resources on Medicare Part B at http://medicarenewsline.com
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