Established by the late President Lyndon Johnson 51 years ago, Medicare is the government's program for people aged 65 years and older. Based on data from the ‘Kaiser Family Foundation,’ $597 billion worth of health benefits have been paid. However, there are some things you have to know if you want to get the best out of your Medicare.
Get To Know About Medicare As Early As Possible
You should start thinking about Medicare in your early 60s or even much earlier than that. The first question you need to answer is how much your premiums will be as well as your deductibles. Decide too whether your doctors and prescription drugs are to be covered. With the Medicare website, you may also decide if you want to have coverage even if you want to move to another state or if you travel outside the US.
Familiarize Yourself With The Basics
As a Medicare subscriber, one thing you have to know is that original Medicare includes Medicare Part A (hospital insurance) and Medicare Part B (medical insurance). Medicare A will cover 100% of your first 60 days of hospitalization while Medicare B will handle 80% of covered medical services. Aside from these, there is also Part C (Medicare Advantage Plans) and Part D (Prescription Drug Plans) as well as Medigap Insurance for those not covered by Parts A and B.
Know That Medicare Is Nothing Automatic
If you have Social Security, it would be almost automatic for you to get Part A and Part B. However, if you have intentionally delayed your Social Security benefits, you cannot just sign up for Medicare coverage right away. If you don't want delays, you need to contact Social Security at (800)-772-1213, and you should do it at least three months before your 65th birthday.
Make A Wise Prescription Drug Plan
Check your Prescription Drug Plan to see whether your medications are all covered or at least most of it. Check too how much you have to pay for them as deductibles. Moreover, make sure you do not register for a Prescription Drug Plan later than 63 days, or you will have to pay the penalty for late enrollment.
Remember Important Dates
Once you become a Medicare subscriber, take note of some important dates. October 1 is the time when new information about next year Medicare comes up so you can align it with your options. October 15 to December 7 is the time to change Medicare health coverage as well as Prescription Drug Plans. January 1 marks the day when the new coverage begins.
There are also special enrolment periods reserved for your Medicare plans. You will need these if you are moving to a new service area or if you lose the coverage of your employer. There are many other things to remember with your Medicare subscription.
The most important thing is to check the Medicare website or ask your employer about it. At Berlin & Denys Insurance, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. To learn more about how we can help you, please contact our agency at (800) 946-3303 or Click Here to request a free quote.