Medicare is a health insurance program that offers medical coverage for people 65 and older. If you are signing up for Medicare for the first time, it is essential to do some research to determine how you want to receive your Medicare benefits. If you are new to Medicare, we strongly advise you have a comprehensive understanding of Medicare before signing up. Reach out to Temmen Insurance for help.
With that said, the top five things you should know before joining Medicare include:
Medicare is your primary insurer after you turn 65
Even though you may have another type of insurance, Medicare is considered your primary insurer when you turn 65. This is also true even if you have COBRA, individual health insurance, or retiree health insurance. It is important to understand this because it means you cannot rely on other types of insurance for your doctor or hospital bills once you turn 65.
Enroll on Time
Enrolling in Medicare during your Initial Enrollment Period (IEP) will ensure that you already have your coverage available whenever you need it. Moreover, it is also important to enroll on time because if you don’t, you risk having a lifelong surcharge on your Medicare Part B premiums. Furthermore, you will face a 10 percent increase for every year you were eligible for Medicare but failed to enroll.
Medicare isn’t Entirely Free
Medicare is divided into four parts. Medicare Part A (hospital services) is free if you or your spouse paid payroll taxes for at least ten years.
Medicare Part B covers outpatient services and doctor visits and has a monthly premium.
Medicare Part C offers both Part A and Part B services, including extra coverage for dental, vision, hearing, and prescription drugs.
Medicare Part D covers prescription drug costs and comes with a monthly premium that varies depending on the plan you opt for.
Carefully Choose Your Prescription Drug Plan
This is important because prescription drug plans are different, and they cover a different list of prescription drugs. Tiers classify most of the available Medicare drug plans, and each is associated with a different cost. So, before choosing any drug plan, ensure to check the list of prescription drugs to see if it covers your medications and the cost.
You Can Appeal a Medicare Decision
Medicare beneficiaries that disagree with a payment decision or coverage offered by Medicare have the right to file an appeal. This process has five levels, and if your appeal is denied at the first level, you can typically go to the next level. Prepare any information that can help you win your case. If you feel a delay can seriously harm your health, you can request a fast decision. And if your Medicare plan or doctor agrees, a decision can be made within 72 hours.
Do you have any more questions about Medicare? Temmen Insurance has Medicare insurance agents ready to work with you and provide answers to your Medicare questions. Don’t hesitate to get in touch with us.