Medicare is not a single insurance cover. Instead, it is a federal benefit split up into parts representing Original Medicare, Supplemental Insurance, and Prescription coverage for seniors 65 and above. Part A and Part B cover the inpatient and outpatient costs. Part C is supplemental insurance that pays for specific costs and out-of-pocket expenses over original coverage. And Part D covers the cost of prescriptions. Here are other interesting facts about Medicare.

Medicare is not just for seniors
While the significant qualifying criteria for availing of Medicare benefits is an age limit of 65, some younger adults can also apply for the benefit. Young adults with specific disabilities or those diagnosed with end-stage renal disease can also qualify for Medicare insurance.

Choosing either Medicare or Medicare Advantage
Original Medicare benefits come with a copayment of 20% that goes out of your pocket, and the 80% is covered under the deductibles charged from the beginning of the year. Alternatively, you can directly opt for Medicare Advantage, which private insurance companies preapprove. The bundle plan includes Part A, Part B, and Part D prescription benefits with coverage for treatments not included in original policies.

A higher income increases the cost of Medicare
Medicare is a benefit that kicks in post-enrollment despite the operational status of the applicant, i.e., retired or employed. However, salaried individuals bear a higher insurance cost, and this expense is determined based on the status of the income tax return filing.

Delaying enrollment results in a penalty
Enrolling in Medicare once you turn 65 and at least taking up original coverage, including parts A and B, is beneficial. Because a delay in your enrollment will result in late penalties and affect the cost of the premiums paid for insurance coverage, premium costs increase proportionately to the days delayed for enrolling for the benefit.

Medicare doesn’t cover long-term care
LTC benefits under the federal insurance program are restricted to just 20 days. Post this mark; you’ll be eligible to collect only partial benefits for the next 80 days. After completing 100 LTC days, no additional benefits can be availed, which means you will need some supplemental insurance.

Medicare covers annual exams and screening
After a certain age, it is paramount that seniors get regular annual exams and screenings for cardiovascular diseases, diabetes, and cancer prevention. Fortunately, the federal benefit covers important preventive care screening services for common and chronic illnesses. This even includes special healthcare screening done over video chat or the phone. Emphasis on preventive care is one of the primary features of Medicare.

Medicare has its limitations
The federal benefit does not cover the cost of many standard dental procedures, does not cover hearing loss treatments or devices, and cannot be used for routine vision screenings and corrections. These procedures don’t qualify the coverage criteria irrespective of supplemental or Medigap coverage supporting the original policy.