Understanding Medicare
Can Be Challenging But It Is Vital
 Understanding Medicare is not always easy but if you are approaching your 65th birthday or have parents
who are, it is important to sort things out so you can get the best coverage at the most affordable
price.
To be eligible for Medicare, you
must be 65 years old. People younger than 65 can also qualify if they receive SSI for certain
disabilities.
Those on disability will be
automatically enrolled when eligible and others must enroll themselves.
You should register for Medicare three months before your
65th birthday, but you can sign up anytime during your birthday month and the three months following as
well.
If you don't enroll at this time, you will face penalties
and higher monthly premiums when you enroll at a later time.
When you enroll, you must select your preferences for
Medicare A, B, C, and D. If you are not happy with your initial decision, you can switch plans once a year
during open enrollment at the end of the year.
Understanding Medicare
Part A is fairly easy as this is the coverage that will pay
for your hospital expenses and follow up stay in a rehabilitation or skilled nursing
facility.
Part B pays for your routine doctor visits, outpatient surgeries, medical tests, and lab tests.
Each of these parts of Medicare must be enrolled in separately and each has its own ID number on your
Medicare card. This is called original Medicare coverage.
Part C is a little more complicated as you have so many choices. Medicare part C is
a replacement for parts A and B and you are allowed to choose the plan type and provider that you like. You could
choose an HMO, PPO, or any other of the plans on offer. The insurance companies offering these plans are approved
by Medicare and must adhere to their regulations. Even so, there is variety in the options available and choosing
the best one will depend upon your individual circumstances.
Part D is drug coverage. When you opt for a Medicare part C plan, drug coverage is
usually also covered. If you choose original Medicare, you can supplement with a Medicare part D drug plan. These
plans help you cover the cost of your medications but the coverage provided varies among
providers.
Understanding
Medicare premiums can also be a little tricky. The amount you have to pay out of pocket each month varies according
to the plan you choose to go with. Original Medicare usually has the largest monthly premium and also has the
highest out of pocket costs associated with your medical care.
The only way to know which plan is the most cost effective is to compare them while
keeping your anticipated medical expenses in mind. Even if you find out you made a bad choice, you will have to
stay with your plan for one year until the open enrollment period comes around again. If you drop a plan for longer
than 63 days, you will have to pay penalties.
You can make it easier to stay
current with your premiums by having them taken directly out of your social security check each month before you
even get your money. If you have income that is low enough, you may be able to qualify for government programs that
will help you pay your premiums.
Understanding Medicare can be challenging. It is best to make sure you fully
understand the type of coverage you have before you use it so you won't have any surprises or have to make crucial
decisions when you are not thinking clearly. You can get help understanding Medicare from the Medicare office
itself or through one of the independent insurance companies approved to offer Medicare
coverage.
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