Free Guide to Long-Term Care Insurance e-Book

Medicare

Medicare is a federal insurance program for people over the age of 65. It is broken into two major components. Medicare Part A is designed to pay for expenses you incur as a result of a hospital stay. Medicare Part B is for expenses you incur for medical treatment from a doctor, much like common medical insurance would.

Part A you do not pay for and receive automatically upon turning 65, however for Part B you are required to pay a monthly premium. You can elect not to participate in this program, which is essentially group medical insurance.

The most important aspect for individuals thinking about long term care insurance is that Part A is for hospital stays or periods where you may be confined to a nursing home. Part B pays for other medical expenses.

Here are some questions on Medicare posed by an individual asking about income guidelines.

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