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Insurance
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| FM Global uses a unique mix of engineering, underwriting and claims to protect assets and minimize the potential for loss. Learn more today. |
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People need health insurance to cover the costs of medical care. Whether it is doctor visits, prescriptions, or treatment, it all costs money. To ensure people are getting medical attention, in 1965, Medicare was signed into law, allowing anyone over the age of 65 the option of signing up, regardless of income. Those that have a disability are also able to join. Eligibility was created to include the elderly and the disabled to ensure these groups are getting the care they need, which was often not being provided by private insurers. A lot of the time these groups need special treatment, like home care or a nursing home, and in the past, people were going bankrupt trying to meet expenses. Now, those with this type of healthcare coverage are provided a list of physicians they can go to. There are different “parts” to Medicare, which focus on the different areas of healthcare benefits. Part A deals with hospital insurance benefits, breaking down the requirements for coverage, including length of stay and type of care received. Part B is focused on medical insurance that helps pay for some things not covered by A, including providers, like doctor and nursing services, as well as x-rays, laboratory tests, and others. Part C was added in 1997 and stands for “Medicare+Choice.” It gives beneficiaries the option to seek private health insurance plans, which covers a set amount. Part D refers to prescription drugs. It was put into effect in 2006, and is available to anyone with Part A or B. The best part of Medicare is that it makes it easy to make a claim, as opposed to private insurance, which has more requirements to meet to get coverage.
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