Medicare is Help for Older Persons

Medicare, on the other hand, is the government’s health insurance system for older persons and the disabled who have worked during their lives and paid into the Medicare system from their wages. You will find more information here.

Medicare consists of four parts:

• Part A (hospital insurance);
• Part B (medical insurance, i.e. doctor bills);
• Part C (Medicare Advantage, i.e. a Medicare supplement covering things like vision, dental, and hearing); and
• Part D (prescription drug coverage).

There is no requirement that Medicare recipients have low income or own a limited amount of property.  As long as the applicant meets the minimum age requirement OR is found to be disabled, he or she can participate as an insured person (subject to the payment of premiums) and be covered for medical services, as well as prescriptions.  However, participants do have to pay deductibles as well as insurance premiums.

The Medicare system is very complex and your eligibility should be discussed with your trusted advisor.