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Medicare is short term care
Medicare is an entitlement-based Federal program administered by the Federal Government and provides medical insurance, hospital and physician, for those who have reached the age of 65 and paid into the medicare system with qualifying amounts and are approved. Although Medicare pays for expenses incurred during hospital stays, it may also assist with payments for up to 100 days in a Nursing Home – providing the individual meets certain requirements. Medicare will pay the entire cost for the first 20 days, with the individual required to pay their co-payment for the remaining 80 days.
Although many people have Supplemental Health Insurance policies to cover the Medicare co-payment, Medicare coverage does not necessarily remain in effect for the entire 80 day period following the first 20 days. Depending upon the individual’s medical condition, Medicare may cease payments at any time. Since it pays for a relatively short period of time, Medicare covers only 2% of Nursing Home expenses incurred within the United States.
Medicare is a federal health insurance program that pays for a variety of healthcare expenses. It’s administered by the Centers for Medicare & Medicaid Services (CMS), a division of the U.S. Department of Health & Human Services (HHS). Medicare beneficiaries are typically senior citizens aged 65 and older. Adults with certain approved medical conditions (such as Lou Gehrig’s disease) or qualifying permanent disabilities may also be eligible for Medicare benefits.
Similar to Social Security, Medicare is an entitlement program. Most U.S. citizens earn the right to enroll in Medicare by working and paying their taxes for a minimum required period. Even if you didn’t work long enough to be entitled to Medicare benefits, you may still be eligible to enroll, but you might have to pay more.
There are four different parts to the Medicare program. Parts A and B are often referred to as Original Medicare. Medicare Part C, or Medicare Advantage, is private health insurance, while Medicare Part D offers coverage for prescription drugs.
