What You Need to Know About Medicare

The Medicare bill awaiting approval by the president at one time had payments to physicians that were to be cut by 10.6%, but are now going to remain the same. The reductions will now, instead, be substantially paid for through cuts in Medicare Advantage funding.

Medicare, of course, is the U.S. government-run health care plan. Medicare Advantage is private insurance with different coverage.

Everyone who reaches age 65 becomes eligible for Medicare, which provides basic medical services for the elderly in two ways. Part A provides coverage for hospital care and Part B provides coverage for medical insurance. You are liable for deductibles under both parts of the insurance.

You can access the benefits of Medicare Part A and Part B one of two ways: Original Medicare or Medicare Advantage.

Original Medicare

Most seniors get program benefits under original Medicare, also known as traditional fee-for-service Medicare. You sign up directly with the Medicare program, with benefits provided by the federal government.

Under original Medicare, you can visit any physician or hospital that accepts Medicare payments, and the government will reimburse the health care provider or yourself. You are responsible for paying the amounts not covered by the Medicare program. You will not need to complete any forms for reimbursement.

Medicare provides basic services and has various limitations. The gap between what is covered and what is not covered is becoming larger and larger. It was never designed to cover prolonged medical treatment nor chronic conditions and consequently it does not meet all seniors' needs.