Category Archives: Medical Insurance

Home / Medical Insurance
1 Post

Medicare is a federally funded health insurance program. It currently helps many citizens of the United States afford medical treatment. It was first created in the 1960’s. Since then it has grown and undergone tremendous changes. For one to qualify to be involved in this scheme, they should be over the age of 65 years, physically or mentally disabled, suffer from acute renal problems, or have terminal diseases. For those who are under 65 years and below and could wish to be covered by this scheme, they must be social security recipients or have been on railroad retirement for at least two years.

Categories of Medicare

The benefits that one receives from Medicare are divided into four major categories, namely;

part A

This is virtually hospital insurance that covers inpatient care in hospitals. The skilled nursing facilities and home health care services that one receives.


Part B

It is also known as medical insurance. It helps cover medically-necessary services like out patience care, doctors service, home health services plus other medical services. This particular one also covers other preventive services.

Part C

This one is also known as Medicare Advantage plan; This is offered by private companies approved by Medicare.

Part D

This one can also be known as prescription drug coverage. Everyone with Medicare is offered prescription drugs. In any case, you decide not to join the Medicare drug plan when you are first eligible, and it so happens that you don’t have any other credible prescription coverage, then you will have to incur the cost of footing the bills all alone. You will also pay a late enrollment penalty. To get Medicare prescription coverage, you should in the first place join a plan run by a private company that is approved by Medicare or an insurance company.

Medicare benefits costs

How Much Does Medicare Cost? The cost of Medicare is based on the type of plan that you choose. Below are different ways of paying for Medicare.

Monthly premiums

If an individual has worked for forty taxable quarters, one is not required to pay monthly premiums to enjoy part A benefits. In the case that you have 30-39 taxable quarters, you will have to pay a monthly premium of 233 dollars. To those who have less than 30 taxable quarters, the monthly rate is a little bit high.


This is where the policy holder pays some amount which is the balance that is left after the other costs have been deducted. The payment also depends on which part of the policy the holder falls.

Those that are eligible for part B benefits must first pay a yearly co-payment. After which they are only responsible for the cost of their durable home equipment or the doctor’s visit.

Supplementary insurance policy costs

In addition to services provided in part, a and b of Medicare others incur the cost of purchasing the above policy. This covers things like dental work, or even other disease plans like cancer. There are many out of cost expenses for Medicare holders, but they are few as compared to what is incurred by non-Medicare users.