How to Know if Medicare is Right for You
By Space Coast Daily // August 14, 2020
If you’re getting close to retirement age, it’s probably time to start thinking about how you’ll cover your healthcare costs once you actually retire.
Most seniors apply and are approved for Medicare, but not everyone is eligible for it. If you want to save on healthcare costs during retirement, looking into whether Medicare could be right for you is worth a try.
Let’s take a look at the importance of having Medicare coverage and discuss how to know if you’re a good candidate for it.
The Importance of Having Medicare Coverage
Getting Medicare coverage once you turn 65 is something most people decide to do because it can save them money on healthcare costs as they approach retirement.
Medicare has four parts — A, B, C, and D. Each part covers different things and it helps to know what each part covers so that you don’t overpay for coverage you don’t need. Take a look at what each part covers below:
• Part A covers hospital stays, inpatient care at a skilled nursing facility or hospital, and sometimes hospice care and home health care.
• Part B covers doctor’s visits, preventive services, medical equipment, outpatient care, and services from other healthcare providers.
• Part C is also known as a Medicare Advantage plan. It covers everything that Parts A and B cover and sometimes it includes vision and dental care. You might also be able to get things like transportation to and from doctor’s offices, wheelchair ramps, and meal delivery covered.
• Part D covers prescription drug medications.
Parts A and B are known as Original Medicare, but as you can see there are extra plans you can enroll in for supplemental coverage.
For example, with a Medicare Advantage plan, you can get Part A, B, and D all in one plan from a private, Medicare-approved insurance company.
How to Know if You’re a Good Candidate for Medicare Coverage
Finding out whether you’re a good candidate for Medicare coverage is the first step to getting great coverage.
Eligibility requirements generally include one or more of the following:
• You’re 65 or older and paid Medicare taxes while working
• You’re a citizen or permanent resident of the United States
• You currently get retirement benefits from the Railroad Retirement Board or Social Security
• You or your spouse had Medicare-covered government employment
• You have ALS (Amyotrophic Lateral Sclerosis), also known as Lou Gehrig’s Disease
• You have end-stage renal disease (ESRD) and you’re a kidney dialysis or kidney transplant patient
If none of the above applies to you, you might not be eligible for Medicare. If you do qualify based on the above criterion, you can start comparing plans and looking for a Medicare plan that works for you.
How to Choose Customer Coverage That Fits Your Lifestyle
Now that you’ve determined that you’re a good fit for Medicare coverage, you can begin browsing custom coverage options that fit your lifestyle. It’s best to compare Medicare Advantage plans side by side to truly understand the difference between them and decide which one would best suit your individual needs.
Comparing plans means asking questions like:
• Will my out-of-pocket costs be too high or low?
• Which providers can I see?
• What kind of coverage do I need?
Asking questions like these can get you one step closer to getting the coverage you need. You should also consider whether you want an HMO, PPO, or special needs plan.
Getting the Right Coverage
Now that you understand the importance of Medicare, and you’ve determined that you’re eligible and that it’s right for you, you can start the process of enrolling.
Write down important dates in a calendar or in your phone so you don’t forget to enroll when the time comes to do so.
But start comparing plans now so that when it’s time to apply, you’ve already done the legwork and you can feel confident knowing you made the right choice.
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