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If you’re nearing the age of 65, you’ve probably heard more and more people talk to you about Medicare. Medicare can certainly provide you with great coverage and if you are considering it, you should make sure you enroll as soon as you become eligible so you can make the most of its benefits as quickly as possible!
Medicare Part A provides inpatient coverage. If admitted into a hospital, you pay nothing in coinsurance if your stay is 60 days or fewer after paying the $1,484 deductible.
Part B handles outpatient services (e.g. screenings, ambulance services, medical equipment, and clinical research). It covers 80% of your bills once you’ve met the $203 annual deductible.
Part D is Medicare’s drug plan. Costs and coverage vary since this comes from private insurance. These plans work to find you the lowest prices for your medications while keeping your expenses to a minimum.
Lastly, there’s an option (also sold via private insurance) that gives you Part A, Part B, and in many cases Part D, all within the same plan. That’s Medicare Part C, also known as Medicare Advantage.
Eligibility starts when you are 65. However, if you receive disability benefits, then it’s a matter of waiting until you have been receiving those benefits for 24 consecutive months.
Medicare is an opportunity, not an ultimatum. Many carry employer health insurance and Medicare together. This combination may allow you to walk away without having to pay anything at all.
You may be able to delay coverage without incurring a late enrollment penalty. If your employer has 20 or more employees, you can delay enrollment. If your employer has fewer than 20 employees, then you will need to sign up for Medicare when you’re first eligible to avoid late enrollment fees.
You can join during the Initial Enrollment Period. This begins three months before you turn 65, and ends three months after the month of your 65th birthday.
If you miss this period, you may join Parts A and B during the General Enrollment Period, which is from January 1 to March 31.
If you want Medicare Advantage and/or Part D, you will need to join during the Annual Enrollment Period, which is from October 15 to December 7. You must already be enrolled in Original Medicare to do this.
If receiving Social Security or Railroad Retirement Board benefits, you’re automatically enrolled in Parts A and B three months before your 65th birthday. If you receive disability benefits, you’re automatically enrolled after 24 months of receiving them.
At Health Care Solutions, we proudly offer our services to you so that you can have a great Medicare plan you can call your own. Now is the time to get the coverage you deserve at a price you can afford!