Medicare: All You Need to Know
Medicare is a federal health insurance program for people age 65 and older. It also provides coverage for certain individuals under age 65 who have qualifying disabilities, as well as those with end-stage renal disease (ESRD), a permanent kidney condition that requires dialysis or a kidney transplant.
In addition, individuals who have worked and paid Social Security taxes for at least 40 quarters (10 years) generally become eligible for coverage when they turn 65.
Medicare consists of several parts that work together to help cover hospital, medical, and prescription drug expenses. The following overview explains the different parts and the benefits they provide
Hospital Insurance (Part A, also known as Original Medicare)
This part covers inpatient hospital care, skilled nursing facility care, hospice care, and certain home health care services. If you are hospitalized, Medicare generally pays 80% of covered costs, while you are responsible for the remaining 20%.
Medical Insurance (Medicare Part B)
This part covers medical and health care services, outpatient care, and durable medical equipment. It also includes doctor visits, X-rays, and preventive services to help you maintain your health.
Part C (Also Known as Medicare Advantage)
Part C, or Medicare Advantage, combines Part A (hospital insurance), Part B (medical insurance), and often Part D (prescription drug coverage) into a single health plan offered by private insurance companies approved by Medicare.
These plans provide an alternative way to receive benefits while offering the convenience of having all coverage in one place. Most Advantage plans include prescription drug coverage. Some plans also offer additional benefits beyond original coverage—such as vision, dental, hearing, or wellness programs—often for an extra cost.
Advantage plans simplify your coverage while still providing access to the benefits included in Parts A, B, and, in many cases, Part D.
Part Medicare Part D ( Prescription drug coverage)
Part D helps cover the cost of prescription drugs that are not covered by Parts A and B. This coverage can help reduce out-of-pocket medication expenses and protect against high prescription drug costs.
Private insurance companies approved by Medicare offer and administer these plans.
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