Medicare
The United States federal health insurance program, created in 1965, covering about 66 million older and disabled Americans.
Overview
Part A covers hospital stays and is premium free for most based on payroll taxes paid while working. Part B covers physician and outpatient services for a monthly premium, about 175 dollars in 2024, scaled by income. Part D covers prescription drugs through private plans. Traditional Medicare lets members see any participating provider but has no annual cap on cost sharing, which drives the market for supplement and Advantage plans. Dental, hearing, and routine vision sit outside the core program. Eligibility begins with a seven month enrollment window around the 65th birthday, and late enrollment penalties raise premiums permanently for those who delay without other coverage.
Related Topics
Health Maintenance Organization
Members choose a primary doctor who manages care and writes referrals to specialists, and care outside the network is generally no...
Preferred Provider Organization
Members can see specialists without referrals, the main convenience over HMOs. In network care might be covered at 80 or 90 percen...
High Deductible Health Plans
Until the deductible is met members pay the full negotiated price for most care, though preventive services are exempt from the th...
Health Savings Accounts
Contributions are deductible, growth is untaxed, and withdrawals for qualified medical expenses are tax free, a combination no oth...