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Get your taxes done using TurboTax
Medicare is provided to those who draw Social Security Income by the Federal Government. There are three parts: Part A, Part B, and Part D (Part C is a combination of Parts B and D provided through private insurers). Part A, which covers hospitalization, is provided to all Medicare-eligible Social Security recipients. While there are no premiums associated with Part A, there are out-of-pocket costs for services. Part B is the “medical insurance” portion of Medicare and covers doctor’s visits, treatments, etc. For Part B, there is a monthly premium automatically deducted from the eligible recipient’s monthly check if they opt to have it. (Most do). There are also copays and other costs to the patient. Part D covers prescriptions, and has an additional premium, as well as out-of-pocket costs.
Medicaid is state-provided insurance. It is granted to lower-income families in states that have a Medicaid program. (Obamacare legislated expansion of Medicaid to include low-income adults, as most states had some kind of Medicaid program for minors. Not all states adopted the legislation.)
HDHP Insurance stands for “High-Deductible Health Plan”. It is private insurance. As the name suggests, those who obtain a High-Deductible Health Plan pay higher deductibles for their insurance, but typically lower monthly premiums. Also, HDHP Insurance qualifies the policyholder to have a Health Savings Account (HSA), which can have many tax advantages. Please note the following FAQ’s for more information:
https://ttlc.intuit.com/replies/4787500
https://ttlc.intuit.com/replies/3300505
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