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Health Benefits for Retired Seniors

Health Benefits for Retired Seniors

The word "retirement" can at times be worrying. Retirement to many means limited ways of income and unlimited medical requirements. To solve this problem it is very important for us to understand certain Health Benefit program available for the Retired or seniors. One of the most important Coverage programs available, is Medicare, a Government aided program which can guide an individual to prepare him for his retirement years where low income and high medical costs is a common picture.

About MEDICARE

Founded in 1966 as an outcome of the Social Security Act, Medicare was focused at taking care of the medical needs of people of the age of 65 and above. It was aided by the Federal Government. Medicare is available for all senior citizens, irrespective of their financial requirements. This means that both the poor and the rich may be eligible for the benefits, which are uniform across the country, no matter where you are.

Eligibility for Medicare

Citizens of the Unites States who are of the age 65 and above are covered by Medicare. Apart from that there are some cases wherein Medicare also covers patients suffering from certain diseases as Renal disorder or permanent kidney failure. It is not imperative that one has to receive Social Security to become eligible for this program, however, anybody who has eligibility for Social Security, immediately becomes entitled to Medicare. One can register with Medicare between 3 months before turning 65 and within 3 month after turning 65.

What Medicare Offers

Several plans have been formulated under the program which caters to different health care requirements and financial conditions. For example, if you are already eligible for a health insurance through your employer, you may only cover your prescriptions with the retirement package. However , if you are not having any health insurance cover by the time you retire, get the full coverage through MEDICARE.

The most important parts of the MEDICARE plans are as follows:

PART A:

Hospital stays, in-hospital care and nursing services are covered this plan.

Home Health Care is also covered in certain cases, however that is decided on a case-to-case basis.

An individual and spouse do not need to pay any co-payment or premium if

  1. Employer of the individual pays him/her into the program for a period of minimum 10 years.
  2. Individual is receiving benefits from the Social Security/ Railroad Retirement Board.

Individuals not meeting the above criterion shall have to pay the due premiums and co-payment to be eligible for PART A facilities.

PART B:

Expenses other than hospital/nursing home facilities, like doctorís visits, therapists and certain outdoor hospital processes are covered under PART B.

This is mostly to do with general and medical Insurance.

The plan involves a regular fixed monthly co-payment, which might be paid in two ways:

  1. This can be deducted electronically from an individualís federal retirement benefits.
  2. Individual can also make a physical payment through checks.
PART C:

This is a plan which might be termed as MEDICARE ADVANTAGE and is purely an optional plan. It is close to what a private insurance provider offers in terms of specific and special coverage and options of managed care.

The plan also extends its coverage onto some of the coverage already provided PART A in a much more enhanced way which can be availed by paying extra premium, however anybody enjoying PART A and B can be eligible for this plan as well.

PART D:

Also known as the Benefits package, this is the newest inclusion among the various facilities offered by Medicare.

This was introduced as a voluntary benefit to all Medicare members for any other plans in 2006.

This plan provides prescribed drugs to those individuals who generally need to pay for the medicines out-of-pocket or in certain cases go without them.

The above the general medical insurance plans can definitely take care of the unlimited medical needs and also take care of the limited means of income seniors have.

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