In simplest terms, Medicare is the federal insurance program offered for American citizens who are older/retired or have disabilities. As of this writing, over 60 million individuals experience its benefits. In fact, Medicare was introduced by President Lyndon Johnson and that took place back in 1965. The purpose of introducing this facility is to help senior citizens so they don’t become helpless when they have to bear medical expenses. During the same year, another health insurance called Medicaid was introduced to help low-income individuals.
In the beginning, Medicare was not as comprehensive as today; it just covered the hospital care and doctor visits for the beneficiaries. However, the program has improved a lot and now it covers pretty much every health-related issue.
As of today, Medicare comprises of four distinct parts.
Part A: This is the part that covers al the hospital bill and nursing care bills if a beneficiary is hospitalized.
Part B: This is the part that pays for doctor visits and relevant outpatient services. For instance, it covers X-rays, lab tests, scans, etc.
Part C: This part is also recognized as AARP Medicare Advantage. This includes the private insurance plans that give the coverage for the above-mentioned parts (Parts A and B) as well as the below-mentioned Part D in certain cases. There are various vendors who provide AARP Medicare Advantage plans 2020.
Part D: In this part, the prescription drugs of the beneficiary will be covered.
How much does it cost?
In fact, AARP Medicare Advantage plans 2020 and other parts are not free. However, the major part of the cost will be covered by Medicare. The payable for premiums, deductibles, coinsurance, and copays are
calculated based on the services you get. If there are substantial gaps between the actual cost and the cover, the beneficiary can rely on insurance plans as well.
The truth is that you were contributing to Medicare during your working life. Both you and your employer are required to pay 1.45% of the wages as the contribution. When that contribution is combined with the funds allocated by the federal treasury and the premiums paid by the beneficiaries strengthen this program.
How to join?
Joining this program is a choice of yours. No one will ask you to join it but you should decide it. To become a member of this program, you should sign up at least three months prior to your 65th birthday. However, you can still enroll after the aforesaid deadline but higher premiums are a downside. As long as you have health coverage from your employer, it is OK to wait until later to get this coverage.
Before you sign up for Medicare (particularly for AARP Medicare Advantage plans 2020), you should prepare a list of doctors with whom you may have constant appointments during the period you are under Medicare coverage in the future. In addition to that, it is wiser to create a list of medications you may need in the future so that might help you out.