Tips for Medicare

By  //  May 4, 2020

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Your medical needs are likely to change as you progress through different stages of your life.

Your medical needs are likely to change as you progress through different stages of your life. 

When people age, they reach eligibility for Medicare. If you want to receive these benefits, enrolling and signing up is necessary. These five suggestions will help you find out more about Medicare and the options available to you. 

When Can You Enroll? 

There are three different Medicare enrollment periods for Medicare. 

Initial Enrollment: This is the first time you have the chance to enroll in Medicare. This window starts three months prior to your 65th birthday, and it concludes three months after your birthday is over. If you choose to sign up during this period, you won’t be required to answer medical questions in order to enroll 

General Enrollment Period: If you fail to sign up after the Initial Enrollment Period concludes, you can enroll during the General Enrollment Period.

This period goes from January 1st to March 31st of each year. If you choose to enroll during this period rather than the IEP, you may be subject to penalty fees for late enrollment.

How Basic Medicare Works: Part A and Part B 

Medicare Part A provides coverage for inpatient care you receive from hospitals. It’s essentially hospital insurance. If you’re already ill or injured, you can get assistance for medical costs from Medicare Part A.

Hospice care, home health care, skilled nursing care, and critical access hospital care are all covered. Long-term care is not covered. 

Medicare Part B is medical insurance. It’s designed to serve as preventative care. If you want to keep track of the differences between Medicare Part A and B, just imagine that the “B” stands for “Before.”

This covers medical costs before you fall ill or sustain serious injuries. For example, standard check-ups from your doctor are covered under Part B. 

Is Supplemental Medicare Insurance Covered? 

People often struggle to keep track of what is and isn’t covered under medicare. It’s important to remember that Medicare just covers 80% of the cost for the services that are covered.

As an example, if you have a $20,000 bill from a hospital stay, Medicare will pay 80% of those costs. This means you’ll have to pay $4,000 out of pocket. Drug coverage is also not covered under basic Medicare. If you don’t have some sort of prediction drug plan, the cost of prescription medication will come out of pocket. 

Supplemental Plans For Medicare 

Medicare Advantage plans for 2021, in the form of Part C: These plans combine Part A and Part B and are designed to serve as your primary insurance coverage. You can get this coverage from private insurance companies. Generally, prescription drugs are covered. 

Medigap or Medicare Supplement: These plans provide coverage for the 20% that isn’t covered by Medicare. They’re designed to fill the coverage gap. The degree of coverage you’ll receive will vary based on the plan that you choose. 

Medicare Part D or Medicare Prescription Drug: This is designed to help cover the cost of medication. There is a range of plans available, and coverage varies from one plan to the next. To find the best plan for your needs, you should talk to a Medicare specialist. 

Confirm That Medicare Is Accepted By Your Doctor 

Make sure that your doctor accepts Medicare or other types of Medicare programs after you enroll. Looking into this ahead of time will help you to avoid issues with payments and insurance in the future. 

Evaluate Your Plan Annually

From October 15 to December 7, Medicare offers an Annual Enrollment Period. This allows you to review your plan each year. 

Since insurance plans can change every year, you can’t avoid reviewing your plan. This period is the perfect time to make adjustments to your current plan.

You can look at your plan more closely and determine whether or not your current health insurance fits your needs. Make sure you work with companies that specialize in providing health coverage to seniors.