Medicare is health insurance for people aged 65 and over and people with specific disabilities. It’s a national health insurance program that is divided into four parts. Each of these parts fits together uniquely to provide different types of coverage for your health needs.
The first Medicare bill was endorsed in July 1965 by President Lyndon Johnson. The bill allowed people 65 years and over to receive health coverage via a national health care program. Initially, Medicare only covered hospital and outpatient medical services. But over time, coverage has been extended to cover more services and more people.
As of 2020, over 62 million people are enrolled in Medicare throughout the US, around 18% of the population. In North Carolina, approximately 15% of the state’s population is currently enrolled in Medicare.
There are four main components of Medicare. Medicare Part A and Part B provide coverage to meet around 80% of people’s health expenses. However, you can purchase additional policies to help fill the gaps that Original Medicare doesn’t cover in full.
Medicare Part A provides coverage for hospital expenses, helping to pay for services including skilled nursing facility stays, hospice care, inpatient care, and home health care. In addition, it provides coverage for your room and board while in the hospital. If you or your spouse have been employed and paid taxes for at least 10 years, the Medicare Part A is premium-free.
Medicare Part B provides coverage for various outpatient services, covering many different types of treatments, such as lab work, scans, and preventative services. It also covers doctor visits. Part B can also provide coverage for expensive treatments such as cancer therapy or kidney dialysis.
The costs for Medicare Part B vary each year and depend on your income level. People with higher incomes can expect to pay more in premiums than those with lower incomes. How much you are required to pay is adjusted each year based on the income reported to the IRS.
Part C is better known as the Medicare Advantage program, a private insurance plan you choose. Premiums and other costs can vary depending on the provider, where you live, and the type of plan.
You need to be enrolled in both Part A and Part B to be able to enroll in a Medicare Advantage plan, which replaces your Original Medicare. You also need to live in the plan’s service area. Once enrolled, your coverage comes from an approved Medicare plan provider. It is not a government program like Medicare.
Medicare Part C is voluntary. You can choose to enroll in a Medicare Advantage plan, or you may wish to continue receiving coverage from Original Medicare and enroll in a Medigap policy like Plan G, which helps cover the gap for any out-of-pocket services not covered by Medicare.
If you live in North Carolina and want to know more about Blue Cross NC Medicare Advantage plans, our dedicated local agents can help.
Medicare Part D is the newest part of Medicare, which helps provide coverage for retail prescription drugs. For many years there was no Medicare coverage provided for prescription drugs. In 2006, the federal government presented Part D, and there are now around 30 drug plans available in most states. It is important to review prescription formularies for your Part D plan to make sure your medications are covered.
It can be beneficial to talk to one of our experienced Medicare agents in Charlotte with so many Medicare options. We service all of North Carolina and can help you find the right plan for your needs.
There are some services and items that Medicare doesn’t cover. These typically include:
Routine vision and dental care
Medicare outside of the US
Dentures and hearing aids
Long-term care requirements
If you’re interested in finding out more about North Carolina Medicare, including the different parts of Medicare, then our Medicare agents in NC are here to help. We can provide information on the basic benefits of Medicare and help you choose the best plan for you. Contact us today or compare plans online.