Medicare - Statistics & Facts
Medicare is a federal social insurance program and was introduced in 1965. It aims to provide health insurance to older and disabled people. Unlike Medicaid, Medicare is not bound to lower incomes or a certain state of poverty. There are, however, a significant number of people who meet the criteria to participate in both programs. Medicare is split into parts with Part A (Hospital Insurance) covering inpatient hospital stays, care in skilled nursing facility, hospice care and parts of home health care. Part B (Medical insurance) covers certain doctors' services, outpatient care, medical supplies, and preventive care. Medicare Part D is otherwise known as prescription drug coverage and also covers many recommended vaccines. While there is no standard premium for Part A, in 2024, Part B costs 174.70 U.S. dollars per month or more depending on income of previous year. The premium of Part D depends on the individual plan. Instead of Medicare Traditional, someone eligible for Medicare can choose instead to enroll in a Medicare Advantage (MA also called Part C) plan through approved private companies. MA includes Parts A & B and usually Part D, with some additional benefits, such as hearing or dental care or restrictions on out-of-pocket costs, but with more restrictions on providers such as HMO and PPO plans.
