Understanding Medicare

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There is more to Medicare than just Part A (hospital insurance) and Part B (medical insurance). If the person you are caring for is 65 or older and collecting Social Security retirement benefits, it is likely that they receive Medicare Part A for free and their Medicare Part B premiums are automatically deducted from the monthly benefits they receive from the Social Security Administration (SSA).
Part D prescription drug coverage is subsidized by Medicare through payments to private insurance companies who then fund part of the cost of prescription drugs. If your loved one has low income and limited assets, they may qualify for a Medicare Savings Program. Depending on the program they are eligible for, your loved one’s state of residence may help pay for Part A and/or Part B premiums as well as coinsurance, deductibles and copayments. Another program called Extra Help is also available to minimize costs associated with Part D prescription drug plan costs. These options may provide substantial cost savings.

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