Fast Facts About Medicare.

The Part B premium is the monthly amount paid by individuals for health coverage in Medicare Part B - a voluntary program that covers physician services, hospital outpatient care, durable medical equipment and other services including some home health care. The vast majority (about 93 percent) of Medicare beneficiaries are enrolled in Part B. Most individuals have the premium for their Part B coverage deducted from their Social Security, Railroad Retirement, or Federal government retirement checks.

The Medicare Modernization Act of 2003 (MMA) is known for establishing Medicare Part D, a prescription drug benefit managed by private insurance and drug companies. However, the MMA also made far-reaching changes to other parts of Medicare that are not as well known or understood.

Since 2006, a privatized Medicare prescription drug program has been offered to seniors. The Part D program provides drug coverage through numerous private insurance companies, and it seeks to control prices through competition between the plans.

Are You One of 2 Million Medicare Beneficiaries Missing Out On Extra Help With Prescription Drug Plan Costs? Would you like to save $4,000 per year on your prescription drug plan costs? That's how much Medicare estimates beneficiaries can save if they enroll in the Extra Help program.

The Patient Protection and Affordable Care Act and accompanying health care reform legislation added important improvements to Medicare prescription drug coverage for seniors. The health reform law helps cover expenses for seniors falling into the "donut hole" coverage gap beginning in 2010, and the hole in coverage is eliminated altogether by 2020. The law also provides for additional assistance for low-income beneficiaries.

Medicare - one of our nation's most popular and successful programs - was signed into law by President Lyndon Johnson on July 30, 1965.  Before the enactment of Medicare, only 50 percent of seniors had health insurance and 35 percent lived in poverty.  That was a time when even a minor illness or injury could bankrupt older Americans and their families.