Medical Insurance

There are four parts in Medical Insurance:

  1. Medical Insurance Part A -- Hospital Insurance;

  2. Medical Insurance Part B -- Medical Insurance;

  3. Medical Insurance Part C -- Medicare Advantage, which was formerly known as "Medicare + Choice"

  4. Medical Insurance Part D -- Prescription Drug Coverage

Generally, people who are over age 65 and are getting Social Security automatically qualify for Hospital Medical Insurance (Medicare Part A) and Medical Insurance (Medicare Part B).

Medical Insurance helps cover doctors' services and outpatient care. It also covers some other medical services that Hospital Insurance doesn't cover, such as some of the services of physical and occupational therapists, and some home health care. Medical Insurance helps pay for these covered services and supplies when they are medically necessary. Medical Insurance is paid for by the monthly premiums of people enrolled in this insurance and by general funds from the U.S. Treasury.

The Medical Insurance premium amounts for 2007 are determined by the Department of Health and Human Services (HHS). The premiums paid by beneficiaries enrolled in Medical Insurance cover physician services, outpatient hospital services, certain home health services, durable medical equipment and other items. The standard Medicare Part B monthly premium will be $93.50 in 2007, an increase of $5.00 from the 2006 $88.50 premium.

Medical Reimbursement is part of Social Security Medicare Insurance program. A medical reimbursement plan helps few people but it helps them tremendously. If you want to be eligible for this plan, speak to a Los Angeles Medical Insurance Attorney for assistance. The Social Security Medical Insurance offers remarkably comprehensive health insurance, but some items simply aren't covered (e.g., deductibles, Chelation therapy, aromatherapy, etc.)

When paid by a corporation, those unreimbursed costs are 100 percent deductible. When paid by an individual, medical expenses are only deductible to the extent they exceed 7.5 percent of the taxpayer's adjusted gross income. A Los Angeles Medical Insurance Attorney can surely help you with these payment regulations.

 

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