Medicare Tips: How does Medicare work?

This video has basic, generalized information about Medicare. We don’t cover all the details and specifics of the program.

Medicare is a government-sponsored health insurance program that covers most visits to the hospital and visits to the doctor.

Most people become eligible for Medicare when they turn 65 – although there are exceptions.

Basic Medicare coverage is typically referred to as "Original Medicare."

And, it breaks down into two parts:
1. Medicare Part A - which helps you pay for visits to the hospital.
2. And Medicare Part B - which helps you pay for visits to the doctor when you’re not in the hospital.

Monthly Medicare costs break down like this:
1. PART A is free every month for most people
2. PART B costs about $100 a month for most people

Medicare deductibles break down like this:
- PART A has a deductible of about $1,200 – and it can be applied each time you’re admitted to the hospital, unless you’re readmitted for the same illness within a given timeframe – usually 30 days.
- Part B has a $147 deductible that resets once a year.
Here is how Medicare cost-sharing breaks down:
- PART A has co-insurance – a form of cost-sharing - when you’re hospitalized for an extended period of time – usually longer than 60 days.
- PART B has co-insurance – a form of cost-sharing – of 20% for most service, which means you’ll pay 20% of approved costs.

Another Medicare cost to be aware of relates to Medicare’s approved rate:

- In most instances Medicare has an “approved rate,” which is essentially the rate Medicare is willing to pay for any given service, like a doctor visit or an MRI.

- Some health care providers – doctors and hospitals - may wish to charge more than the Medicare approved rate for services.

- And, if you visit one of those providers, you may be asked to make up the differences in costs.

Medicare has neither reviewed nor endorsed this information.
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[miamzd]

excellent starter and really helped to demistify what is part A, part B, etc. Thank you from a confused and bewildered person.

[tomichilek]

The background music? is annoying and distracting, couldn't hear or understand what the woman was saying. Plus she talks too fast! Don't you people know that lots of old people have vision, hearing, and thinking problems?!