How Is Medicare Calculated?
If you are above 65 years old and have US citizenship, you can qualify for Medicare. This is a healthcare plan that is also available for people who have resided in the US for more than five continuous years. You do not have to be entitled for social security to qualify for this healthcare plan. There are various parts of the plan and it is important for you to learn how to calculate the amount you qualify for.
The Initial Medicare Part
For the first part of the plan, you need to meet the deductible to allow you to share the cost of treatment with Medicare. You will not be required to pay a premium each month if your employment covers about 40 quarters of it. You are required to pay the deductible before the plan starts paying for your healthcare. The amount you pay will vary on the provider you are using. The plan usually determines how much it will pay for your treatment.
For the outpatient treatments and doctor visits, the amount of Medicare will be determined by how much you owe. The amount usually increases as you income rises. These costs are covered by Part B of the plan which requires you to pay a deductible each year. The plan will pay for 80% of the deductible while you pay the remaining 20%.
To cover prescriptions, the plan offers Part C. The coverage varies depending on the company. It is also possible to get a cover from a private provider. The private plan is referred to as Part D. The amount you get on this cover depends on the types of drugs you require and covers both generic and brand name drugs. For this part, you will also be required to pay a premium each month and a deductible every year.