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 helps cover inpatient hospital care, some skilled nursing facility care, hospice care, and some home health care.

Medicare Part B is Medical Insurance

Medicare Part B helps cover services from doctors and other providers, outpatient care, some home health care, durable medical equipment, and some preventive services like certain 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 for members who qualify. 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 Medicare Advantage Plans may include the Medicare Give Back Benefit.

Medicare Advantage plans in certain states and counties may include the Medicare Give Back Benefit. When you enroll in a Medicare Advantage plan that offers the Part B Give Back Benefit, the plan’s carrier will reimburse you for a portion of your monthly Part B premium via your Social Security check.

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. However, with Part A, penalties only apply to those who must pay a Part A premium. Please note each late enrollment penalty has its own rules.

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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