This is a complete guide to everything you need to know about Medicare Insurance in 2021

In the US we have one of the most complicated healthcare systems in the world. Not to mention expensive. However, after the introduction of the Affordable Care Act (ACA) things have begun to change.

Two of the major reforms introduced by this act were the removal of premiums related to previous health problems and the launch of Medicare Insurance.

Today, we are going to cover everything you need to know to understand what Medicare insurance is, and how it works in 2021.

Why get medical insurance?

Medical Insurance is an essential part of modern life in America. Medical debt is one of the leading causes of both consumer debt and house repossession in this country.

So, what is medical insurance?

Medical insurance helps you pay the bill for any preventative treatment (vaccinations, trips to your doctor’s office, etc), trips to rehab, hospital, and most other medical treatments.

The owner of the insurance typically pays the first 20% of the bill, and the rest is covered by the insurance company. If you can’t afford to pay the first 20% then you can take out Supplement Insurance which will help you pay that.

How do I get medical insurance?

The most common way for people to get medical insurance is to have it provided at a discount by their place of work. Members of the United States Armed Forces get free healthcare whilst they serve for our country.

So what do you do if you’re on Social Security Benefits or you’re retired and don’t have a job to get discounted health insurance through?

Well, you might be interested in Medicare Insurance…

What is medicare insurance?

Medicare Insurance is a federal insurance and healthcare program. It aims to provide cover for people who would normally be exempt, or unable to afford it. The cover it provides comes at a much, much lower cost than private insurance.

Medicare covers Parts A, B, and D of Healthcare Provision.

Do you qualify for Medicare insurance?

Here is a list of people who will qualify for Medicare insurance:

• Young people with certain disabilities (see this page for more information)
• People with End-Stage Renal Disease ( ESDR is a permanent kidney failure that requires a transplant or permanent dialysis)
• Members of the public who are over the age of 65 (there is a separate plan for veterans and ex-governmental staff)
• Anyone on Social Security or Railroad Benefits, or anyone who has been for over 24 months of their lives

Many of these groups would usually be denied healthcare, or be charged extortionate premiums. Medicare was introduced to prevent that, and provide these groups with compassionate and reliable care.

A brief guide to Medicare’s parts, plans, and prices

As we mentioned above, Medicare provides parts A, B, and D of the healthcare insurance program. We’re now going to give you a guide of what it provides, what its costs are, and which parts you need to be insured correctly.

The Plans

There are two versions of Medicare insurance: Medicare Original, and Medicare Advantage. If you want to learn more about the difference between the two, you can read more here.

The parts

Part A of the Medicare Insurance covers Hospital Costs. This includes time spent in specialized hospices, overnight stays in hospital, and rehabilitation treatment after operations.

Part B of the Medicare Insurance covers Medical Costs. This includes outpatient care, preventative treatment, doctor’s visits, and medical supplies.

Part D covers prescription medication as well as most vaccinations.

The prices

Everyone is required to pay for Parts B and D of Medicare insurance. This costs around $144.60 per month.

Some people are eligible for free Part A coverage:

• Your spouse or yourself had government covered Medicare (over 65)
• You have End-Stage Renal Disease (ESRD – all ages)
• You have had Social Security or Railroad benefits for 24 months (under 65)
• If you can claim Social Security or Railroad Retirement benefits (over 65)
• If you can claim Social Security or Railroad Retirement benefits, but haven’t yet (over 65)

If you fall into one of these categories you will receive your Part A insurance for free.

IF you don’t, you will have to pay. What you will pay will depend on how long you have been paying taxes into the Medicare system. After 7 ½ years of paying the tax, your premiums will be cut in half to around $252 a month.

Will I need supplemental insurance with my medicare insurance?

Medicare actively encourages its users to take out supplemental insurance on themselves. It really can be life-changing insurance. Particularly, if you are in a financial position that doesn’t allow you to save for emergencies.

If you’re wondering what kind of cover supplementary issuance can provide, check out this breakdown of Thrivent’s Medicare Supplement plans.