Advancing years might bring wisdom but it brings other things too. About 80% of older people know this all too well. They have a chronic disease.
As you grow older, are you prepared for the illness of old age? Perhaps it’s time to think about Medicare. Read on to learn 5 Medicare facts you need to know.
1. It’s Never Too Early
Medicare is something you should think about when you’re 65. Right?
That’s wrong. You need to be thinking about it well before you’re 65. There’s plenty to think about so thinking about it early is a sensible thing to do.
You need to consider whether the doctors and drugs that matter to you are covered. If not, do you want to make other arrangements? You should plan for the expense including premiums and deductibles.
If you expect to travel or move home, what are the implications? You may need to make plans for coverage in other states or even abroad.
In short, plan.
2. Check What’s Covered?
Medicare Part A covers hospital inpatient care. If you are eligible for Medicare and you’ve paid 10 years’ worth of Social Security tax, you won’t have any premiums to pay. There’s just an annual deductible.
Part A gets you up to 60 days of hospital treatment. After that, you have to pay.
Medicare Part B covers outpatient and doctor’s fees. It also covers home care. Premiums depend on your income and you have an annual deductible. That means you only pay 20% of medical fees and nothing for preventative treatments.
Part C refers to private insurance company plans. It covers the same services as Part A and B. It can also cover drugs and some other services. Costs vary from insurance company to insurance company.
Part D is about drug plans. There are many options to consider.
As well as the A, B, C, and D parts of Medicare, you can add to your cover through Supplemental Insurance. You may see advertising for these services from companies marketing using Medicare supplement leads through social media.
3. It’s Not Necessarily Automatic
Don’t think that you just have to turn 65 and your Medicare automatically starts. People getting Social Security might get Parts A and B automatically. If your Social Security is delayed you need to sign up for Medicare. Do it more than three months before your birthday to ensure you get it from 65 years of age.
4. Your Prescription Drug Plan Late Enrollment Penalty
When you sign up for a prescription drug plan matters. If you don’t sign up for one at the time you get Medicare, the delay could be expensive.
A delay of more than 63 days can result in a late enrollment penalty. This increases the longer you remain uninsured.
5. Open Enrollment Dates
The open enrollment dates are important. From October 15 to December 7, is when you can make changes to your plans. This applies to health coverage and also to your prescription drug plans.
The new coverage will start on January 1.
Know Your Medicare Facts
It might seem complicated but you need to know these Medicare facts. Medicare can make a huge difference to your financial and medical health. It’s important for your wellbeing in later life.
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