Medicare is the United States health insurance program for people age 65 and older. Certain people younger than age 65 can qualify for Medicare too, including those with disabilities, have permanent kidney failure or amyotrophic lateral sclerosis (Lou Gehrig's disease). The program helps with the cost of health care, but it doesn't cover all medical expenses or the cost of most long-term care.
Medicare is financed by a portion of the payroll taxes paid by workers and their employers. It also is financed in part by monthly premiums deducted from Social Security checks.
Four Parts of Medicare
- Part A: Hospital Insurance - helps pay for inpatient care in a hospital or skilled nursing facility (following a hospital stay), some home health care and hospice care.
- Part B: Medical insurance - helps pay for doctors' services and many other medical services and supplies that are not covered by hospital insurance.
- Part C: Medicare Advantage - plans are available in many areas. People with Medicare Parts A and B can choose to receive all of their health care services through one of these provider organizations under Part C.
- Part D: Prescription Drug Coverage - helps pay for medications doctors prescribe for treatment. (Source: www.socialsecurity.gov)
Ask the Experts - Attend Our Social Security and Medicare Seminar
If you have some questions you'd like to ask, or if you're just curious to learn more about Social Security and Medicare, SF Fire Credit Union will be hosting a seminar featuring Robert Pepper from the Social Security Administration on Thursday, May 19th at 9am and 12pm. UPDATE: We have reached full capacity for both sessions. Please check back in the future for upcoming seminars.*Non-deposit investment products and services are offered through CUSO Financial Services, L.P. (CFS), a registered broker-dealer (Member FINRA / SIPC) and SEC Registered Investment Advisor. Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. SF Fire Credit Union has contracted with CFS to make non-deposit investment products and services available to credit union members.