People often confuse Medicare with Medicaid. Medicaid is for individuals and families with low income and low resources. Medicare is administered by the federal government that covers individuals over the age of 65 or individuals younger than that with Lou Gehrigs disease or end stage renal failure. Did you know that 31 percent of Medicare enrollees have some cognitive impairment?
Before the creation of Medicare in 1965 only half of elderly adults had health insurance. Coverage was either unavailable or unaffordable to the other half of elderly adults. This is because elderly adults had half as much income but paid three times as much for health insurance as younger adults did.
Studies suggest that the typical senior citizen male needs 124,000 dollars for health care during retirement while the typical senior citizen female needs 152,000 dollars for health care during retirement. The typical senior citizen household only has 66,900 dollars in savings.
Medicare has different parts that cover different insurance needs. Medicare plans include parts A, B, C, and D. Medicare parts a and b cover hospital insurance and medical insurance. Medicare part C is also known as Medicare Advantage insurance. Medicare part b and d cover medical insurance and prescription drug coverage.
The baby boomers retirement is expected to boost Medicare enrollment from 48 million to 80 million. This is expected to take a toll on Medicare funding.
You can find more information on Medicare part b and d, Medicare supplemental insurance plans, and Medicare coverage online.