Medicare is a federal health insurance program created in 1965 to help pay medical costs incurred by people over the age of 65, people with certain disabilities, and people with end-stage renal disease. Coverage consisted of two parts: Part A (hospital insurance) and Part B (medical insurance).
Millions of baby boomers are set to retire in the next 20 years, and most will rely on Social Security as an important source of retirement income. As they approach retirement, Americans want to understand how to prepare for life after retirement and plan for their security.
More than 80 percent of people prefer to stay in the comfort of their own homes rather than relocating to a senior living facility or assisted living facility. And staying at home can have a positive impact on a senior's health, as they are able to remain in comfortable, familiar surroundings.
If you’re in a Medicare Advantage Plan (like an HMO or PPO) or have other insurance, your costs may be different. Contact your plan or benefits administrator directly to find out about the costs. Under Original Medicare, if the Part B deductible ($166 in 2016) applies, you must pay all costs (up to the Medicare-approved amount) until you meet the yearly Part B deductible before Medicare begins to pay its share. Then, after your deductible is met, you typically pay 20% of the Medicare-approved amount of the service, if the doctor or other health care provider accepts assignment. There’s no yearly limit for what you
You pay nothing for most covered preventive services if you get the services from a doctor or other qualified health care provider who accepts assignment. However, for some preventive services, you may have to pay a deductible, coinsurance, or both. These costs may also apply if you get a preventive service in the same visit as a non-preventive service.