Business, Legal & Accounting Glossary
A federal government program that assists older and some disabled people in paying their medical costs. The program is divided into two parts. Part A is called hospital insurance and covers most of the costs of a stay in the hospital, as well as some follow-up costs after time in the hospital. Part B, medical insurance, pays some of the cost of doctors and outpatient medical care.
A federal program that pays for certain health care expenses for people aged 65 or older. Enrolled individuals must pay deductibles and co-payments, but much of their medical costs are covered by the program. Medicare is less comprehensive than some other health care programs, but it is an important source of post-retirement health care. Medicare is divided into four parts. Part A covers hospital bills, Part B covers doctor bills, Part C provides the option to choose from a package of health care plans, and Part D offers prescription drug coverage.
The majority of American doctors and hospitals must have a strong working knowledge of Medicare reimbursement policies as they are vital for their funding.
You need to know how Medicare works and decide how much help you want to offer to all of your workers.
My grandmother was always concerned about medical expenses when she turned 65, but I always tried to remind her that she had the assistance she needed through MEDICARE.
Medicare hospital insurance
941-SS Form
taxable wage base
Certified Senior Consultant (CSC)
health insurance
1040-SS Form
Medicare tax
Medigap (supplemental insurance) policies
hospital insurance
1099-SA Form
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This glossary post was last updated: 26th November, 2021 | 0 Views.