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Related to Medicare: Medicaid, Medicare and Medicaid


A United States government program providing certain kinds of medical care to persons over 65 years of age. Medicare is funded by the federal government and divided into several parts. Medicare Part A is free (or rather paid with taxes) and pays for visits to the hospital, as well as some other costs. Medicare Part B covers doctor visits if the elderly person pays an extra premium, and Medicare Part D pays for prescription drugs in exchange for a premium. Participation in Parts B and D is voluntary, but participation in Part A is automatic. See also: Medicaid, Social Security, Obamacare.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved


Medicare is a federal government insurance program designed to provide healthcare coverage for people 65 or older, certain disabled people, and people with chronic kidney disease.

Anyone who qualifies for Social Security is automatically eligible for Medicare at 65.

Part A, which covers hospital and certain other costs, is provided when you enroll. You can also sign up for Part B, which covers doctor visits and related costs, and Part D, which covers prescription medicines, at the same time.

You pay a separate premium for both Part B and Part D. The Part B premium is set annually and carries surcharges for people whose incomes are above the annual ceilings. Your Part D premium is determined by the private insurer plan you select. If you postpone applying for Parts B and D and don't have equivalent or better coverage -- called creditable coverage -- from another plan, you face a permanent surcharge when you do enroll.

You may also have a choice between Original Medicare, which is a fee-for-service plan run by the government, or a Medicare Advantage plan if one is available where you live. Medicare Advantage plans are private insurer plans.

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