Medicare Facts Archive - FactsOnMedicare

Medicare Facts

Medicare is a federal health insurance program administered by the Centers for Medicare and Medicaid Services.

Get more facts on Medicare below:

Medicare Started in 1965

President Lyndon B. Johnson signed the bill that led to Medicare on July 30, 1965.

Medicare Part A covers inpatient hospital care, skilled nursing facility care, hospice care, and home health care.

Medicare Part B covers services from doctors and other providers, outpatient care, home health care, durable medical equipment, and some preventive services like vaccines and screenings.

Medicare Part C is Medicare Advantage

Medicare Part C, also called "Medicare Advantage," is private insurance that includes at least all the benefits covered under Part A and B.

Medicare Part D is Prescription Drug Coverage

Medicare Part D helps cover the cost of prescription drugs. Part D plans are run by Medicare-approved private insurance companies.

Medicare Has Set Enrollment Periods

Medicare has set enrollment periods each year as well as an initial enrollment period when you first become eligible and even special enrollment periods that may trigger due to certain life events.

There are Cost Assistance Options for Medicare

There are cost assistance options for Medicare Part A, Part B, and Part D. This includes Medicare Savings Programs for Part A and for Part B, a Low-Income Subsidy also called "Extra Help" for Part D, plus other assistance types.

Some Advantage Plans offer a Medicare Part B Premium Reduction

The Medicare Give Back Benefit is a Medicare Part B Premium Reduction for Medicare Advantage plans in certain states and counties. When you enroll in an Advantage plan that offers the Give Back Benefit, the plan's carrier will pay either some or all of your monthly Part B premium.

Medicare Late Enrollment Penalties

Medicare Part A, Part B, and Part D all have late enrollment penalties for not signing up when you first become eligible.

Some People Get Medicare Part A/B Automatically, but Many People Have to Sign Up

Most people are not automatically enrolled in Medicare Part A and Part B and have to sign up during their Initial Enrollment Period. The following are exceptions: If you're already getting benefits from Social Security or the Railroad Retirement Board (RRB). If you're under 65 and have a disability. If you have ALS (amyotrophic lateral sclerosis, also called Lou Gehrig's disease). Meanwhile, Puerto Rico, has special rules for Medicare Enrollment.

Your Drug Plan Can’t Charge More than $35 for a Month of Insulin

Since January 1, 2023, Part D plans can't charge you more than $35 for a one-month supply of Part D-covered insulin. You also don’t have to pay a deductible for your insulin.

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