Medicare is a source of health insurance that includes different forms of healthcare, some of which are offered by the United States Federal Government, while private insurance companies provide others. Because of this, Medicare can be quite complicated to understand. Those nearing the eligibility age of 65 will have some decisions to make about the Medicare program. Here are the things you need to know to prepare for Medicare.
Enroll in Medicare Part B
Most Americans will qualify for Medicare Part A if they are getting Social Security or Railroad Retirement benefits. However, you must enroll for Medicare Part B. The Initial Enrollment Period lasts for 7 months, beginning 3 months before you turn 65, the month you turn 65, and 3 months after. Although there are other enrollment periods, you might be penalized for the delay in enrollment.
Select your Medicare Plan
Original Medicare offers coverage of Medicare-approved hospitals, services, and other healthcare services. You also need to buy Medicare Part D through a private insurance company if you want to include prescription drug coverage in your plan. And you need to do this during the IEP to avoid a possible late penalty.
The Medicare Advantage (MA) plan offers coverage through traditional channels, and they usually offer wider services than Original Medicare. The MA plan doesn’t only offer hearing, dental, and vision coverage. Many MA plans also cover prescription drugs that reduce the need to enroll for Part D. The MA plan doesn’t require Medigap insurance, but you must pay Medicare Part B premium.
So, ensure to compare the two plan options available to determine the right fit for your health needs. If this plan seems to be quite challenging, contact Temmen Insurance for help.
Choose your Medicare Supplement Insurance Policy
Sold by private insurance companies, Medicare Supplements help with the coverage of expenses not covered by Medicare like deductibles, coinsurance, and copayments. Plus, after you used up your Medicare benefits, Medicare Supplement pays Medicare Part A hospital costs and coinsurance up to an additional 365 days. Some Medicare Supplement plans also cover medical expenses when the beneficiary travels abroad. Since costs and coverage vary, review your options cautiously to establish the right policy that fits your medical needs and budget.
Plan for Out of Pocket Expenses
Medicare doesn’t cover healthcare expenses like dentures, hearing aids, and eye tests. So, in addition to your insurance costs, remember to add out-of-pocket health expenses when planning your retirement budget.
The insurance experts at Temmen Insurance can help you prepare for your Medicare needs. Contact us today if you are ready to get started.