During this election cycle we have heard a lot about Medicare for all, but few people probably know about all the different Medicare options available. At least for now, Medicare is not for all and coverage is limited to people 65 and older and those who have qualified for Social Security Disability Insurance (SSDI) benefits. There are options and different programs Medicare offer and understanding your options once you qualify for Medicare is important. Below is a description of the different Medicare options as presented by Social Security.
Social Security enrolls you in Original Medicare (Part A and Part B).
- Medicare Part A (hospital insurance) helps pay for inpatient care in a hospital or limited time at a skilled nursing facility (following a hospital stay). Part A also pays for some home health care and hospice care.
- Medicare Part B (medical insurance) helps pay for services from doctors and other health care providers, outpatient care, home health care, durable medical equipment, and some preventive services.
Other parts of Medicare are run by private insurance companies that follow rules set by Medicare.
- Supplemental (Medigap) policies help pay Medicare out-of-pocket copayment, coinsurance, and deductible expenses.
- Medicare Advantage Plan (previously known as Part C) includes all benefits and services covered under Part A and Part B — prescription drugs and additional benefits such as vision, hearing, and dental — bundled together in one plan.
- Medicare Part D (Medicare prescription drug coverage) helps cover the cost of prescription drugs.
Eligibility for seniors begins at age 65, but for those who qualify for SSDI benefits the rules are a bit different. There is a waiting period for SSDI beneficiaries. Eligibility begins exactly 24 months after an SSDI beneficiary is eligible to receive their first disability payment and is not based on a certain age.
