For most people, Medicare eligibility starts at the age of 65. If you are going to be 65 years old soon, you will start getting benefits from Medicare. You will be second among Medicare recipients when you turn 65. This is what you must know to prepare yourself.
You Have Certain Period to Enroll In Medicare
Medicare gives the first period to enrol in the plan known as Medicare Initial Enrollment Period (IEP). The initial enrollment period is seven months. It comprises of:
- Three months before the month that you are going to 65 years old
- The month when you turn 65 years old.
- Three months from the month when you turn 65 years old
This is the perfect time to apply for Medicare for the majority of individuals. Enrol for Medicare coverage during your initial enrollment period to prevent late enrollment penalties.
Delay Medicare Plan B
Many individuals enjoy premium-free Medicare Part A (hospital insurance) because they served and paid taxes for at least ten years. Part B (medical insurance) has a monthly premium, which, based on income, varies from $q48.50 to $504.90 for 2021.
Suppose you have some other coverage, like an employer or a union. In that case, you can or would like to delay your sign-up for Part B. If you delay part B, you need to be qualified for a special enrollment period to avoid a late enrollment penalty. If you have coverage through any other source, you may also delay registration for part A, particularly if you wish still to contribute to a health savings account (HSA).
Ways of Getting Medicare
Medicare presents you with two options to acquire your prerequisites:
- Original Medicare (Parts A & B), the conventional way,
- Advantage Medicare (Part C), the original Medicare substitute
The federal government administrates Original Medicare. Private insurance agencies approved by Medicare provide Medicare Advantage plans. They all ought to be equivalent to the original Medicare parts A and B. Many Medicare Advantage plans compromise some extra perquisites such as prescription drug coverage, dental, vision, hearing, health status, and many more.
Medicare Does Not Provide Coverage On Prescription And Other Medical Equipment
Original Medicare does not provide prescriptions and other medical equipment. You may either purchase a stand-alone prescription drug plan (Part D) and get prescription drug coverage or select a Medicare Advantage Plan, including drug coverage.
Generally, if you select a Medicare Advantage plan as the majority provides prescription drug benefits, you do not require extra coverage.
Why is Medicare Essential?
Medicare is not mandatory, but if you prefer not to apply at 65 years of age and do not meet the Special Enrollment Period, it could cause you a lot of money. Medicare Parts A, B, and D all have late enrollment penalties, which can cause you a financial burden. Before taking this crucial decision of not considering enrolling in Medicare, think about the decision’s pros and cons. If you do not meet the Special Enrollment Period, it is usually wise to register at age 65.
Financial Aid May Be Available For Your Feasibility
Several programs provide financial aid regarding Medicare premiums and other expenses. You may want to look at them, even though you do not believe you should.
- The Medicare Savings Program
- Extra Help
- Programs of All-Inclusive Care for the Elderly (PACE)
You should check your local State Health Insurance Assistance Program (SHIP) office to know about the other programs, which may be usable in your state.
Plan Your Steps to Secure Your Future
Do not let Medicare dismay you. Use these six tips to learn about the promising beginning of Medicare so that when the time comes, you can make a well-planned decision. Moreover, to get a promising start, obtain Medicare resources and details delivered right to your inbox about the Initial Enrollment Period.