Medicare is a social insurance program administered by the United States government that provides health insurance coverage to people who are aged 65 or older. Another requirement for Medicare eligibility is having paid money or taxes into the Medicare system for at least ten years. Seniors below 65 years old can also avail of Medicare benefits if they have a disability or have been diagnosed with permanent kidney failure.

Medicare benefits include hospital insurance, medical insurance, and prescription drug plans. These are usually referred to as Part A, B and D. Recently, Medicare coverage is increased to include another type of insurance plan called Medicare Advantage. This is Part C.

Most people don’t have to pay for Part A, since this is already paid for in advance by their Medicare contributions, which are automatically deducted from their paycheck. Medicare subsidizes inpatient costs at hospitals, clinics, or ambulatory surgical centers. It can also be used to help pay for home health care, skilled nursing service and hospice care, provided that certain criteria are met.

Part B, or medical insurance, covers outpatient costs, and some services and products not covered by Part A. Examples include professional fees, laboratory, and diagnostic tests, x-rays, blood transfusions, renal dialysis, drugs covered by Medicare and medical equipment such as canes, walkers and wheelchairs. Most people pay monthly premiums for Part B.

Part D: Drug Prescription Plans. The Medicare Prescription Drug coverage helps pay for medicine not covered in Part B. Aside from reducing your prescription medicine expenses, it can also be your defense against higher expenses in the future. The plans are approved and regulated by Medicare, but is actually administered by private insurance companies.

Part C, or the Medicare Advantage plan, allows Medicare beneficiaries to receive their benefits through private health insurance plans, instead of the original Medicare plan (Parts A and B). These plans are required to offer coverage that is equal or greater than that of the original Medicare program, but they do not have to cover every benefit in the same way. The policies usually cover services that are medically essential and the patient can be charged non-standard deductibles, co-payments, or coinsurance for these services.

Unfortunately, these benefits are not enough to cover all the medical expenses that you could incur once you become eligible. Also, there is the concern that the number of senior citizens is increasing more rapidly than the working population who are basically the ones funding Medicare. This means that the federal government bearing some of the cost, and if the trend continues, it will not be able to sustain Medicare beyond 2018, or thereabout.

Still, the advantages outweigh the disadvantages. It is important to learn as much as you can about Medicare eligibility rules and coverage. In the end, education is the key to making the most of your benefits.

There are numerous Medicare insurance plans to choose from including the Medicare Advantage Plan. If you require coverage research Medicare eligibility to see if you meet the requirements.