Exploring Medicare

Medicare and Medicaid have been a mystery to many. Until we begin to reach the age where it matters to us or our family members, most of us don’t take the time to research and explore the program and it’s options. Recently, I was contacted by a representative from RetireGuide. When I explored RetireGuide, I found a lot of useful information about retirement planning and Medicare. This sparked my interest.  For those curious about Medicare, this blog post was created.  I have also included a link to information on Medicaid which will also apply to many. I’d like to start with a little bit of history. The History of Medicare– The Medicare program was signed into law in 1965. President Lyndon B. Johnson signed into law the bill that led to Medicare and Medicaid. The original Medicare program included the Part A (Hospital insurance) and Part B (Health insurance). This was the original Medicare. Over the years Congress has many changes made to Medicare including who is eligible, expanding benefits, and adding the prescription coverage benefit known as Part D. In addition, The Children’s Health Insurance Program (CHIP) was created in 1997 to give health insurance and preventive care to nearly 11 million, or 1 in 7, uninsured American children and the 2010 Affordable Care Act (ACA) brought the Health Insurance Marketplace, a single place where consumers can apply for and enroll in private health insurance plans.  If you are interested in a brief video describing the system please see the video below provided by CMS– The Centers for Medicare & Medicaid Services.