What is Medicare?
Medicare is the U.S. government's largest health insurance program serving more than 57 million people. It is run by the Centers for Medicare and Medicaid Services (CMS), part of the U.S. Department of Health and Human Services.
- For people who are turning 65 or older
- For people under 65 with disabilities and people with End-Stage Renal Disease (ESRD) or Amyotrophic Lateral Sclerosis (Lou Gehrig's disease)
MEDICARE IS DIVIDED INTO PARTS.
Part A: Hospital Insurance and Part B: Doctor Insurance are offered by the federal government and is known as Original Medicare. It generally has deductible and coinsurance.
Part C: Medicare Advantage and Part D: Drug Coverage are offered by private companies.
Medicare Advantage includes extra benefits including prescription or drug coverage. Part D is also available as a stand-alone option. If you decide not to join a Medicare prescription drug plan when you're first eligible and you don't have other creditable coverage, you'll likely pay a late enrollment penalty if you join later.