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Related to original Medicare: Medicare Part B


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.

Dictionary of Financial Terms. Copyright © 2008 Lightbulb Press, Inc. All Rights Reserved.
References in periodicals archive ?
How do I choose between Original Medicare and Medicare Advantage plans?
Instead of original Medicare, you can choose a Medicare Advantage Plan, Part C
You can leave a Medicare Advantage plan and move to original Medicare until February 14, 2012; you can switch into a five-star Medicare Advantage plan at any time.
* Also, beginning in 2002, newly eligible beneficiaries who elect a Medicare Advantage option may disenroll into the original Medicare fee-for-service option any time during the first 12 months of their enrollment.
Four of every five original Medicare participants get less benefits so the fifth Advantage participant can receive a subsidized Advantage plan.
But there's a big difference between the original Medicare program and the new prescription drug plan, a difference that reflects the times in which each came to be.
Medicare Advantage (MA) organizations offer an alternative to the original Medicare fee-for-service (FFS) program.
Under Original Medicare a person can go to any doctor or hospital that accepts Medicare patients.
MARION BERRY, D-ARK., one of the cosponsors of the Medicare Prescription Drugs Savings Plan Bill, which backers say could save billions of dollars each year for senior citizens, persons with disabilities and taxpayers by allowing those eligible the option of choosing prescription drug coverage through the original Medicare program.
The Medicare health insurance variable has the following four categories and was created from MCBS variables derived from CMS' administrative records: (1) original Medicare only, (2) original Medicare plus supplement/Tricare, (3) Medicare managed care, and (4) dually eligible beneficiaries.
Beyond educating providers, one solution is for PFFS plans to raise the reimbursement level above that of original Medicare, and adjust premiums accordingly.
Specifically, physical therapy and occupational therapy are identified in the original Medicare regulations, including a statement that at least one of these therapies must be included in most patients' multidisciplinary treatment teams.