Medicare is financial assistance offered to a certain group of people who need health care. This assistance is available to people who are 65 years and above, persons living with a disability, and patients suffering from end stage renal disease.
If you are turning 65, it is important that you think about Medicare. You will need to enroll before time passes because when you delay your enrollment, you will be penalized.
There are different options for Medicare. Part A and Part B. The Part A is hospital insurance, Part B is the Medicare Insurance, the Part C allows beneficiaries to receive health care from a number of options, and Part D covers prescribed medications.
You will need to begin the enrollment process three months before you turn 65. The process will last for 7 months. People who are already receiving Social Security benefits do not need to begin the enrollment process since they will be enrolled automatically into the program. Medicare for Social Security beneficiaries will be effective in the month that they turn 65.
People who do not receive Social Security benefits will need to call the Social Security Administration on 800-772-1213 or online at http://www.socialsecurity.gov/medicareonly/ to register for Medicare. If you are still working at that time and you have a health insurance plan at your workplace, you do not need to sign up for Part B of the Medicare Plan right away.
You will need to confirm from your employer if the Plan offered at the workplace is a primary or secondary one. If it is a secondary plan, you will need to sign up for Medicare Part B.
If it turns out that the Plan offered at your workplace is primary, you will need to sign up for Part A of Medicare. This will help to cover the cost of services that are not covered by your employer’s health insurance.
If you do not have a secondary health insurance plan, it is important to sign up for Part B when you initially enroll in Medicare. You should note that COBRA is not considered a health insurance plan if you going to sign up for Medicare.
You should also note that you will need to sign up for Medicare part B if you have any form of health insurance as a retiree. As mentioned earlier, you can only leave out Part B for later if you have health insurance from a place you are actively working.
Even with that, there are exceptions; if you are with an employer whose employees are less than 20, you will still need to sign up for Part B.
If you do not sign up for Part B on time, you will be penalized. The premium will be 10% higher for every 12 months that you could have had Part B but did not sign up for it.
You cannot enroll at any time as well, there is an enrollment period and you will need to wait for that. The period is from January 1st to March 31st.
There are a number of benefits associated with applying for Medicare online.
1. You will not need to visit your social security office.
2. You can also answer questions when it is convenient for you. If you do not have the answer, you can stop to confirm and you do not need to worry about losing the information you have provided previously.
3. You can also make corrections in your application before submitting.
4. You can also submit the application electronically.
5. You will also receive a receipt online and you can print it for future reference.
6. When submitting the application, you can continue to check your status online.
Medicare does not cover all your medical costs. It pays for about half of your medical costs. Most people get a Medigap insurance policy from a private insurer to cover the rest of the balance. Remember that you can also sign up for the Medicare Part C.
When you enroll in Part C, you will be offered all the covered available in Part A and Part B. You can only enroll in Part C when you have already enrolled in Part A and Part B. You may also receive extra coverage for vision, dental, hearing, health, and wellness programs. Part C also offers prescription medications covers.
Part D covers prescription medications and if you are not going to sign up for Part C, you should consider it. If you decide not to sign up for the Part C, you will need to sign up for the Part D when you are signing up for the Part A and B. If you delay, you will be penalized as well.
Your premium will be increased by 1% for every month that you delayed. You will be exempted from the penalty if you already have private insurance that offers drug coverage. You should check with your private insurer if the coverage is creditable to Medicare.