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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