As you age, there are many aspects of life that may remain uncertain, such as where you might live or where you may travel. There are, however, a few aspects of life that are guaranteed. One of these includes your enrollment to Medicare. When you turn 65, Medicare will become your health insurance. Because health issues typically occur more frequently in older age, it is pertinent that all seniors have health insurance. To do this, you must know the top 5 things about enrolling in Medicare.
Medicare Part A is Free
Many seniors worry about the price of healthcare when they think about how they are going to cover all of their medical needs. This is understandable, as healthcare costs are consistently on the rise, with no end in sight. Medical bills can skyrocket without notice, leaving many individuals worrying about their savings account. What most don’t know, is that the basic backbone of Medicare, Medicare Part A, is typically free to most seniors. If you worked in the United States at least 10 years (40 quarters), then you are automatically eligible for premium-free Medicare Part A. Part A is your medical insurance. This ensures that in the event of a medical emergency, if you need hospitalization, Medicare would cover your medical costs at up to 80%.
While Part A is free, to get greater coverage, we strongly encourage all seniors to opt into Medicare Part B as well. While it is not free, it comes at a low premium of $135.50 per month with a yearly deductible of $185 in 2019. This is extremely affordable, and necessary as Medicare Part B is your outpatient coverage. Part B ensures that you have coverage for all other possible medical expenses, including routine doctor visits, mental health and other preventative checks, and more.
In addition to Parts A and B, you might want to add on Medicare Part D coverage. This is completely optional but might be necessary depending on your needs. Part D is your prescription drug coverage. If you take many prescription drugs, it will be a plan that you need to get for your own protection.
After you know which parts of Medicare to enroll in, the next step is to enroll in Medicare.
Medicare Enrollment is Easy and Fast
Enrolling in Medicare is simple. In most cases, the typical senior can enroll automatically in Medicare Part A. This happens when they have worked at least 10 years in the United States. In this event, no action is needed on the senior’s end. However, in some cases, a senior must decide to opt into Medicare Part B. Some elect to not enroll in this part in Medicare, but it is highly recommended. To do so, follow the instructions you get from the Medicare package that you get in the mail that includes your Medicare ID.
To enroll in Medicare Part D, it is a bit of a longer process. That is why we’ve created a step-by-step guide detailing how to enroll in Part D.
Medicare Covers Most Medical Expenses
Not only does Medicare cover most medical expenses, but it also works to cover many preventative services to help keep seniors on top of their health. This ensures that in the event of a major medical event, seniors will have coverage. Medicare covers most events such as the use of transportation or ambulance services, cataract surgery, and more.
It’s Important to Consider a Medicare Supplement Plan
Original Medicare Parts A and B and Medicare Part D do not cover all costs associated with Medicare. Typically, Medicare pays for 80% of the costs associated with any medical treatment. This leaves the beneficiary responsible for the remaining 20%. Most consider this to be the Medicare “gap.” What a Medicare supplement plan does, is cover the remaining 20%, so beneficiaries don’t have to pay anything out-of-pocket. This provides full and total protection from all inpatient and outpatient medical expenses. In most cases, it benefits most seniors to have a Medicare supplement plan. Not only does it give peace of mind, but it also creates a barrier of financial protection.
Medicare Does Not Include Dental, Vision, and Hearing Insurance
Unfortunately, Medicare and a Medicare supplement plan do not cover all of your needs. The last two aspects of full healthcare coverage that they do not cover, is Dental, Vision, and Hearing insurance. Thankfully, most seniors can add one of these plans to supplement their coverage at relatively low costs.
These plans are for any coverage associated with your teeth, vision, or hearing. They typically cover large portions of major services such as crowns, cataract surgery, and more. If you want full protection, we recommend that you obtain one of these plans.
We Can Help
Equipped with this knowledge, any senior can confidently enter their enrollment season knowing exactly what to do. Know you’re not alone during this process. At GoMedigap, we can point you to the right resources you need to enroll in Medicare and help you enroll in a Medicare supplement plan. To get started, you can get a free quote online, or give us a call at (800) 310-2550.