What is Medicare? Answers

Medicare is a government program that provides access to affordable health coverage for Americans aged 65 and up.

Created in 1965, Medicare provides access to affordable health care insurance to Americans aged 65 and older as well as younger people with certain disabilities.  It does this by spreading the financial risk of illness across a large group of people.

With Medicare, you get what is called a defined benefit. Hospital care is covered under Part A and outpatient medical services are covered under Part B.

To cover the Part A and Part B benefits, Medicare offers a choice between an open-network single payer health care plan (traditional Medicare which most people get) and a network plan (Medicare Advantage, also known as Medicare Part C), where the federal government pays for private health coverage.

Medicare Part D covers outpatient prescription drugs exclusively through private plans or through Medicare Advantage plans that offer prescription drugs.  The actual insurance plans are provided by private companies that are contracted by the Centers for Medicare and Medicaid Services (CMS).

Request a quote today to find out what kind of Medicare plans might meet your needs and fit your budget.