Medicare
Medicare is a federal health insurance program that provides health coverage to people who are 65 or older, certain younger people with disabilities, and people with End-Stage Renal Disease (permanent kidney failure requiring dialysis or a transplant). Medicare is funded by a combination of payroll taxes, premiums, and surtaxes from beneficiaries. It is administered by the Centers for Medicare & Medicaid Services (CMS).
History of Medicare
Medicare was created in 1965 as part of the Social Security Amendments of 1965. It was designed to provide health insurance coverage to people over the age of 65 who were not covered by private insurance. Since then, Medicare has been expanded to include people with disabilities and those with End-Stage Renal Disease. In 1972, Medicare was extended to include people under the age of 65 who were receiving Social Security Disability Insurance (SSDI). In 2003, Medicare was expanded to include prescription drug coverage.
Comparison of Medicare Plans
| Plan | Premium | Deductible | Coinsurance |
|---|---|---|---|
| Original Medicare | $0 | $1,408 | 20% |
| Medicare Advantage | Varies | Varies | Varies |
| Medicare Supplement | Varies | Varies | Varies |
Summary
Medicare is a federal health insurance program that provides health coverage to people who are 65 or older, certain younger people with disabilities, and people with End-Stage Renal Disease. It was created in 1965 and has since been expanded to include prescription drug coverage. There are three types of Medicare plans: Original Medicare, Medicare Advantage, and Medicare Supplement. For more information about Medicare, visit the Centers for Medicare & Medicaid Services website.
See Also
- Medicaid
- Social Security
- Medicare Part A
- Medicare Part B
- Medicare Part C
- Medicare Part D
- Medicare Advantage Plans
- Medicare Supplement Insurance
- Prescription Drug Coverage
- Long-Term Care Insurance
