You might be familiar with the basics of Medicare. It’s a completely free insurance plan that only covers a certain set of people. This covers adults over the age of 65, those under 65 who have certain limitations, and those with End-Stage Renal Disease diagnoses.

However, if you can afford to pay a specific monthly cost, you can enroll in one of the Medicare plans. We’ll look more closely at what Medicare covers in this post, who qualifies for it, and how to choose the best plan based on Medicare ratings. So let’s begin straight away.

How to select the best strategy The free Medicare plan (Part A) is a great option to choose if you are eligible to do so. If you are unable to use the free plan, you can still acquire the same plan by paying a monthly fee.

Normally, this costs $499 per month. However, this is subject to change because you can choose this plan and pay a monthly premium of just $274 if you have paid Medicare taxes for 30-39 quarters.

You can refer to the star ratings issued by the Centers for Medicare and Medicaid Services (CMS) each year in October while selecting from the various Medicare plans that are accessible to you.

Based on this, you’ll be able to learn about other Medicare recipients’ experiences, see how the plans stack up against one another, and acquire an extensive list of all the Medicare services along with their total costs.

You’ll be able to choose a plan that meets your demands and matches your budget using this information.

WHO IS ELIGIBLE TO USE THE FREE PLAN? Only if you or your spouse have worked and paid Medicare taxes for at least 10 years are seniors 65 and older eligible for the Medicare free insurance plan. If you are 65 years of age or older and currently receive retirement payments from Social Security or the Railroad Retirement Board, you are also qualified to receive the free plan.

Aside from that, young people with renal disease may also be eligible for this plan. Part A of the Medicare program is another name for this free Medicare option.

Anyone of any age may purchase Part B of the Medicare insurance plan for a monthly price. Part B is a paid plan.

WHAT IS COVERED BY IT? For those who choose to enroll in either Part A or Part B of the Medicare insurance plan, distinct needs are covered. Here is a summary of the features of each plan and the advantages you can get from both:

Part A of Medicare The hospital in-patient care is covered by this insurance policy. It also includes a brief period of care provided at a skilled nursing facility, which normally comes after a patient has stayed in the hospital for a while. In addition, a portion of the cost of hospice care and home health care is covered by this insurance plan. Since the majority of what it covers pertains to in-patient hospital care, this insurance plan is commonly referred to as hospital insurance.

Part B of Medicare The term “medical insurance” refers to Medicare Part B. It includes paying for medical professionals, healthcare facilities, home health care, outpatient care, medical supplies, and some preventive services.

Everyone who wishes to choose Part B of the Medicare plan must pay the full fee for it, even though certain people can receive Part A for free (if they qualify). The Medicare Part B monthly premium for 2022 is $170.10. Additionally, if your adjusted gross income on your IRS tax return from two years ago is greater than a specified amount, you can be required to pay more than the $170.10 as well.