Taxes come into play with more expenses — including healthcare. This month, let’s talk Medicare. Medicare is health insurance for people 65 or older, people under 65 with certain disabilities, and people
of any age with End-Stage Renal Disease (ESRD) but it works like no other insurance you have known.
Medicare is not a one-size-fits all system. Rather, it is made up of several parts with each part covering different aspects of health care costs. There are many decisions to be made and much to understand with regards to deciding if and/or when to sign up for the various parts of Medicare. There are also various deadlines for enrollment for the various parts with potentially expensive and permanent penalties for failing to meet them.
A good place to start is an overview of the various parts and what they cover.
Medicare Part A (Hospital Insurance) helps cover:
- Inpatient care in hospitals and certain limited skilled nursing facility care including services of professional nurses, semiprivate room, meals, other services provided directly by the hospital or nursing facility including lab test, prescription drugs, medical appliances and supplies and rehabilitation therapy
- Hospice care
- Home health care.