Medical emergencies are always unwanted and often surprising. So it is important to be prepared for whatever situations may lay ahead. Medicare is one such tool that you should consider when evaluating your options for health care. If you qualify, Medicare could save you hundreds of thousands in professional medical care and prescription fulfillment.
What is Medicare? Medicare is for those 65+, younger with disabilities, and ESRD. It works with your existing insurance to figure out who pays for your medical bills first. Medicare grants qualifying individuals access to affordable medical insurance. Almost everyone gets part A for free, but access to parts B and C premiums must be paid. So, what exactly does it cover?
“Medicare provides benefit payments for three broad categories of medical treatment: hospital (emergencies and surgeries), medical (doctors and treatments), and pharmaceutical (medicines).”
Medicare Plan A:
Plan A covers hospital insurance. This includes expenses such as room and board, inpatient services, limited stays in nursing facilities, and helps cover hospice expenses. Even though Plan A covers hospital expenses, it should be noted that it does not cover all facets, and there may be a deductible in the end.
Medicare Plan B:
Plan B covers doctor services, outpatient services, and particular medical supplies. It can also help cover certain occupational and physical therapies, as well as at-home care. On average, the amount that you pay for Plan B comes from your social security benefits.
Medicare Plan C:
Plan C is known as the Medicare advantage and covers both A and B benefits plus plan D’s prescription drug coverage. Through this plan, you are choosing to receive benefits from a private healthcare company.
Medicare Plan D:
Plan D is primarily focused on your prescription drug coverage. To help manage these medications’ costs, usually, Plan D needs to be added on with the others.
Three months before you turn 65, you become eligible to enroll in Plans A and B, and it ends 3 months after you turn 65. If you are already enrolled in social security benefits, you may not need to do anything. However, if you are not, you will have to sign up for Medicare online. One important thing to remember is that you do not want to be late when singing up for Plan B. Doing so will incur a lifetime penalty, and your premium will increase each time you miss the deadline.
If you miss your enrollment period, you can sign up for the general enrollment period. This period exists between January 1st and March 31st. Also, after your initial enrollment period ends, you may qualify for special enrollment. You may sign up for both Plan A and B if you are under special circumstances. When signing up for Medicare’s A and B plans, if you are interested in prescription help, you should also enroll in D before the deadline is up. Otherwise, if the deadline is missed, you will have to wait until the fall enrollment time, which takes place between October 15th and December 7th.
Lastly, a good thing to do before joining medicare is to evaluate your options. It’s imperative that the medical help you receive lines up well with what you desire. You don’t want to be caught in a situation where you can’t get your preferred doctor because you didn’t read the fine print. Like all things, there are limitations, and knowing these limitations will save you much hurt down the road.
Check your eligibility and see if you qualify before the coming deadline this season. Medicare helps many people, and it could help you. Before worrying about where your next medical bill will come from, enroll in Medicare, and remove the unknown’s stress.
In the end, only you know what you need. The right tools have been put into place if you choose to take advantage of them. So, what will you choose today?