Steve talked about some things to be aware of when signing up for Medicare. Medicare has parts A,B,C, & D.
Part A pays for hospital stays. The patient is not charged if they have worked for 40 or more Quarters during which part of they pay was subtracted for Medicare.
Part B pays for costs outside a hospital. There is a monthly charge of approx. $135/month (depending on income) and then Medicare will pay 80% and you still pay 20%. Part B can be postponed if you are still covered under an employer’s plan.
Part C is covered under a private insurance company and is called Medicare Advantage.
Part D is the prescription drug plan.
If “single-payer” insurance becomes the only system available, as has been suggested, it will be modeled on the Medicare system but with possibly higher deductibles, less approval for procedures, and less money paid to doctors.
Give Steve a call to get any questions answered if you or a loved one is approaching the time to start on Medicare.