What is Medicare?
Medicare is a health insurance program founded by the US federal government and managed jointly by it and the state governments. It’s the largest health insurance scheme in the US. The program is meant for US citizens who are above the age of 65 and also in certain cases for some lesser-aged people who have permanent disabilities.
An individual automatically gets enrolled for the program three months before turning 65. It comprises some mind-blowing covers and reimbursements that are governed by the rules of state.
What are the Medicare Plans in South Carolina
The Basic Medicare plans in South Carolina are available in two parts i.e. A and B. While Part A gives coverage in the event of hospitalization, Part B comprises coverage for visit to a physician and various other outpatient expenses like physical therapy as well as some preventive expenditure like blood sugar testing and diabetes testing.
There’s also a part C plan known as Medicare part C in the state. It’s a privately managed health insurance plan that provides alternative to plans A and B. Unlike the two first parts, part C has to be bought separately. There’s also a Part D that gives coverage on prescription drugs. It’s a separate policy that has to be bought and isn’t available free.
What’s the Cost of Medicare Plans in South Carolina
Medicare in South Carolina is funded by the social security authorities. This means that the taxpayers’ money goes into its funding. All taxpayers pay 1.45 per cent of the earnings every month to the Federal Insurance Contributions Act. Employers pay another 1.45 per cent that brings up the rough corpus of the fund o 2.9 per cent. Upon reaching the age of 65, the cumulative amount is used for reimbursing the medical expenses. Since the deductions have already been made, no further premium needs to be paid.