RSS
Home
Single-payer healthcare a.k.a. Medicare
Print
Email
RSS
Subscribe
As the debate over healthcare rages on, many decry the single payer system as socialized medicine. Others warn of government control over healthcare citing the inevitable inefficiencies of a large bureaucracy.
And yet, there already exists in America a system of single-payer healthcare. Medicare has been serving older Americans efficiently since its inception in the 1960s. So, what exactly is Medicare?
According to HHS.gov, “Medicare is a Health Insurance Program for people age 65 or older, some disabled people under age 65, and people of all ages with End-Stage Renal Disease (permanent kidney failure treated with dialysis or a transplant).”
You are eligible for Medicare if you are age 65 or older, a U.S. citizen or a permanent resident. You must be eligible to receive benefits as a result of your own contributions or those of a spouse or parent. A divorced or surviving spouse may also qualify. If you are under age 65 you may qualify for Part A coverage if you have been receiving Social Security or Railroad Retirement Board disability benefits for 24 months.
If you receive Social Security benefits you are automatically enrolled in Medicare Parts A and B starting the first day of the month after you turn age 65. You will receive an enrollment packet from the Social Security Administration a few months before your 65th birthday. If you are under age 65 and receiving disability benefits from Social Security, then you will be enrolled in Parts A and B in your 25th month of disability. If you plan to defer Social Security past your 65th birthday, then you will need to take the initiative to enroll yourself in Medicare at age 65.
Medicare Part A (Hospital Insurance) covers costs associate with a hospital, both in-patient and out-patient services. Coverage also includes a skilled nursing facility, psychiatric hospital, hospice and home health care. Those who are eligible for Medicare receive Part A coverage without paying a premium.
Medicare part B (Medical Insurance) is optional and covers the cost of the physician, lab tests, physical therapy, rehabilitation therapy and ambulance services. You will have to pay a monthly premium.
Parts A and B are known as “Original Medicare.” Generally with Parts A and B you will pay deductibles and coinsurance, and you will have your choice of doctors, hospitals, and other providers.
There is also a Part C, known as Medicare Advantage that includes all the coverage of Parts A and B and allows a member to choose among various health care plans. Part C usually includes prescription drug coverage for an additional fee. Medicare Advantage is run by private companies that are approved by Medicare. This coverage works much like an HMO or a PPO health plan. Like those plans, you must use doctors and hospitals that are part of the plan or else you will pay more. If you are considering Part C coverage you will want to explore the various costs and coverage available from the different providers before making your final decision. With Medicare Advantage, you won’t need to buy a supplemental or Medigap policy for extra coverage.
Medicare recipients may elect to join Part D for prescription drug coverage. This plan is offered by private insurers that have been approved by Medicare. Prices for Part D vary as do the benefits.
Supplemental Coverage, sometimes called Medigap is available for those with Original Medicare (Parts A and B) coverage. This insurance is available through private companies and may be available through your employer or union so you need to do some shopping before deciding.
For more information on Part A, call Social Security, or visit www.socialsecurity.gov. If you get benefits from the Railroad Retirement Board, call your local RRB office or 1-877-772-5772.
If you are shopping for Part D prescription drug coverage you can get info at the Medicare web site, http://www.medicare.gov or call a Medicare counselor at 1-800-Medicare (633-4227) you will be asked to enter your Medicare ID number.
A free publication, Medicare & You 2009 is available for download at http://www.medicare.gov/Publications/Pubs/pdf/10050.pdf
Financial Literacy Home Page
http://www.examiner.com/x-6044-Financial-Literacy-Examiner
Related Articles:
Comments
