What is Medicare?
Insurance glossary entry on BeCovered.ai for the term "Medicare": Federal health program primarily for people 65+ and certain younger disabled individuals. Scope: plain-language meaning for coverage discussions; confirm definitions on your policy forms.
Federal health program primarily for people 65+ and certain younger disabled individuals.
Understanding Medicare
Medicare has Parts A–D and Medigap dimensions. Enrollment windows and late penalties matter. Medicare is not free for most beneficiaries—premiums and cost-sharing apply.
Examples
- Turning 65 enrolls in Part B unless credible employer coverage delays penalty-free enrollment.
- Part D prescription plan chosen during initial enrollment period.
Common Questions About Medicare
Does Medicare cover long-term custodial care?
Generally no—Medicare is acute/skilled focused. Long-term care insurance or Medicaid planning may be needed.
What is IRMAA?
Income-related monthly adjustment amount raises Part B/D premiums for higher earners based on tax returns.
Related Insurance Types
Related Terms
Premium
The amount you pay to your insurance company for your coverage, typically monthly or annually.
Copay (Copayment)
A fixed amount you pay for a healthcare service at the time of the visit.
Coinsurance
The percentage of costs you share with your insurance company after meeting your deductible.
Exclusion
Specific situations, conditions, or types of damage that your insurance policy does not cover.