Finding Affordable Health Insurance for Seniors

Securing an affordable health insurance for seniors can be a difficult task. Since several medical bills and services are not covered under Medicare, many seniors are looking for other health insurance plans. Health insurance plans for senior citizens ranges from private policies to income based programs. It also includes the complications of Part A, B, C and D of Medicare and its supplemental policies.

A Brief Overview of Medicare

Medicare is a federal health insurance service that was offered by the US government in 1965. This state funded program is especially geared towards the provision of health care coverage to Americans within the age group of 65 and above. However, any disabled person below 65 years of age can also be covered with Medicare. It is authorized under Title XVII of the Social Security Act and primarily consists of two parts- Part A (Hospital Insurance) and Part B (Medical Insurance). Part C of Medicare is referred to the Medicare Advantage program.

Part A expenditure and income is administered through the Medicare Hospital Insurance Trust Fund. The fund income comes from payroll taxes from employees and employers. Another source of income is the interest on trust fund taxes and asset on Social Security benefits. Part B gets administered by Supplementary Medical Insurance Trust Fund and the funding comes from federal general revenues and beneficiary premiums. Part C gets funding from the SMI and HI Funds. Part D (voluntary outpatient prescription drug benefit program) is also financed similar to Part B. Every year millions of Americans get health coverage from Medicare who may otherwise not be able to afford their medical bills.

Why Medicare May Not Be Enough

If you thought that Medicare would solve all your health care problems, think again. Having a Medicare program may not be enough if you want your health insurance to cover all your medical bills. There are various other medical bills that this insurance program does not cover.