Medicare Basics

What is Medicare?

Medicare is a federal health insurance program primarily for Americans aged 65 or older, as well as younger individuals with specific disabilities, permanent kidney failure, or ALS.  It helps cover hospital stays, doctor visits, and prescription drugs through Parts A, B, and D, with options for private "Medicare Advantage" (Part C) plans.

Key Aspects of Medicare:

• Eligibility: Generally for U.S. citizens or permanent residents aged 65+ or those with qualifying disabilities.
  
  
• Parts of Medicare:
  • Part A (Hospital Insurance):
    Covers inpatient hospital stays, care in a skilled nursing facility, hospice care, and some home health care
    
    
  • Part B (Medical Insurance): Covers doctor services, outpatient care, medical supplies, and preventive services.
    
    
  • Part C (Medicare Advantage): Private plan alternative to Original Medicare that bundles Parts A, B, and usually D.
    
    
  • Part D (Prescription Drug Coverage): Helps cover the cost of prescription drugs.
    
    
• Costs: Beneficiaries typically pay premiums, deductibles, and coinsurance.

Key Things to Know

Cost: Medicare is not free. Most people pay monthly premiums for Part B ($202.90 on average in 2026), as well as deductibles and coinsurance.

Eligibility: You can check your specific eligibility and estimated premiums using the Medicare Eligibility & Premium Calculator on the official Medicare.gov website.

Enrollment: Many people are automatically enrolled when they turn 65 if they already receive Social Security benefits. Others must manually sign up through the Social Security Administration.

Medigap: Since Medicare doesn't cover 100% of costs, many people buy Medicare Supplement Insurance (Medigap) from private insurers to help pay for out-of-pocket gaps.