Individuals who are approaching the age of 65 could be eligible for Medicare, which is a federal health insurance program that covers a variety of medical services for seniors. If you or a senior loved one is getting close to the eligibility time frame and needs supplemental assistance to pay for health expenses, it’s important to be aware of how Medicare works and when you can start accessing your coverage. Here’s a guide to help you learn more about your benefits.
What Seniors Should Know About Medicare
1. Coverage and Costs Vary
The program is divided into three parts. Medicare’s Part A covers the costs for hospital stays. Participants who paid Medicare payroll taxes for at least 10 years while employed are eligible for free coverage. Part B pays for doctor appointments, preventive care, medical supplies, and outpatient care, which is all available for a monthly charge. Finally, Part D will cover prescription medications and also comes with an additional monthly charge.
2. Enrollment May Be Automatic
Seniors who have already started collecting their Social Security benefits will typically be automatically enrolled in Medicare Parts A and B. Individuals can, however, choose to enroll only in Part A to avoid fees. If you are 65 but have not started Social Security benefits, you will need to sign up for Medicare in the program’s open enrollment period. This time frame starts three months before the month you turn 65 and ends three months after that month.
Working individuals who have health insurance through their employer can delay signing up for Medicare. If you leave your job and no longer have employer-provided coverage, though, there is an eight-month window to enroll. The open enrollment period for Part D is October 15 to December 7 each year. To avoid penalties, it’s important to enroll during the designated enrollment periods.
3. Medicare Advantage Bundles All
Medicare Advantage is an additional program that provides services covered under Parts A, B, and D, as well as vision, hearing, dental, fitness programs, and other health care services. Commonly known as Part C, Medicare Advantage is offered by private companies that have been approved by the Medicare program. The out-of-pocket costs vary and will typically depend on whether doctors, specialists, and services are in the designated network.
4. Limits on Long-Term Care
Medicare won’t pay the costs for long-term stays in hospitals if the health condition is considered acute care. This definition will vary based on information provided by your doctors and specialists. However, Medicare will cover services such as home health care and nursing facilities. In these cases, you will need to have documentation from a doctor indicating that these services are medically necessary.
For help navigating Medicare, contact Harris Insurance Agency in Centerville, OH. They are the area’s premier authority on Medicare, and their team of licensed and experienced agents will carefully explain details on what services are covered, eligibility requirements, and enrollment time frames. You can also count on their expertise to select the right program to fit your budget and lifestyle. To learn more and arrange a complimentary consultation, call (937) 387-6672. Check out their Facebook page for additional information.
