Medicare information and comparisons

Overview:Medicare in the U.S. is an insurance program that primarily covers seniors ages 65 and older and disabled individuals of any age who qualify for Social Security. Also covers those of any age with end-stage renal disease.
Type of program:Government-run
Eligibility Requirements:Regardless of income, anyone turning 65 can enroll in Medicare so long as they paid into Medicare / Social Security funds. People of any age with severe disabilities and end-stage renal disease are also eligible.
Services Covered:Routine and emergency care, hospice, family planning, some substance and smoking cessation programs. Limited dental and vision.
Costs - Premiums:Part A costs nothing for those who paid Medicare taxes for 10 years or more (or had a spouse who did). Part B in 2023 costs $174.70/mo for most. Part D costs vary, usually around $40/mo.
Costs - Deductibles:For Part A (hospitalization) $1,632 in 2024 for each inpatient hospital benefit period. For Part B (outpatient services), $240 per year. For Part D, deductibles vary by plan.
Costs - Copays and Coinsurance:20% coinsurance after the deductible is met. Copay for hospital stays is as follows: Days 1-60: $0. Days 61-90: $408 per day. Days 91-150: $816 per day. After Day 150, you pay all costs and Medicare stops covering you.
Costs - Out of pocket maximums:There's no yearly limit on what you pay out-of-pocket with traditional Medicare. So, some enrollees additionally buy a Medigap (a.k.a Medicare Supplement Insurance) policy. Medigap covers out of pocket costs like deductibles, copays and coinsurance.
Governance:Entirely governed by the federal government.
Funding:Payroll taxes (namely, Medicare and Social Security taxes), interest earned on trust fund investments, and Medicare premiums. Along with Medicaid, Medicare accounts for roughly 25% of federal budget.
Populations Covered:All states, D.C., U.S. territories, Native American reservations. Around 15% of population on Medicare.

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