What is Medicare?

Posted in Health Insurance , Medicare

February 26th, 2009

One of the most important pieces of legislation to have been passed in American history is the Social Security Act of 1965, which resulted in the implementation of two extremely popular programs, Medicare and Medicaid. Medicare is a program devoted to people aged 65 and older. You can also purchase Medigap insurance when Medicare does not cover everything you need.

Medicare was signed into law by President Lyndon Johnson. It allows millions of elderly Americans, over the age of 65, to enjoy free health care. Medicare is paid for by the government from the Federal Insurance Contributions Act (FICA) taxes.
In order to qualify for Medicare, you must be an American citizen and 65 years old and older. If you’re not a citizen, you must have been a legal permanent resident for five years. Other people may qualify, but they must meet very specific criteria, such as long-term renal failure treatment, or receive benefits from the Railroad Retirement Board.

Medicare is broken down into various parts. One part is hospital insurance. Medicare’s hospital insurance will cover things like stays, and physical therapy related to illnesses or injuries covered by the hospital insurance. Medicare is also comprised of medical insurance, which pays for all the bills revolving around doctors’ offices. Medicare’s medical insurance will cover such treatments as chemotherapy if you get cancer, and tests and diagnostics. Medicare will also pay for drugs under the new Part D program.
To learn more about Medicare, be sure to speak with a qualified health care representative. It’s a very broad and complicated system of laws and policies, and it may take an expert to understand it all. Medicare helps millions of Americans, and is open to all taxpayers over the age of 65.