What is Medicare? Who is eligible? Four parts of medicare, and who pays for health care?
Jacob Torres • January 21, 2021
What is Medicare?
Medicare is a national health care program for individuals who are 65 and older. It is through center of Medicare and Medicaid services and paid through the Social Security Administration.
Who is Eligible?
- 65 and older
- US citizen or legal resident in the USA for at least 5 years.
- 65 and younger may be eligible with underlining disability.
The 4 Parts
- Part A cover part of hospital insurance.
- Part B covers Medicare services such as office visits.
Part C and D is where Private Insurance comes into play
- Part C
Medicare Advantage Plans
Medicare pays flat payment to the private insurance company
- Part D
Medicare Prescription Drug Coverage
It is important to enroll as you may face penalty if you do not enroll.
Who Pays for Health Insurance?
If you are under 65:
- Employer
- Retiree Plan
- Cobra
- Individual Plan
- After you turn 65:
- Medicare usually pays first.
- Primary insurances then become secondary
Note: Unless you are still working and the employers group plan has 20 or more employees OR if your spouse is still working.
If you need help understanding your options please give us a call at 727-688-3330.
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