Few things are more important than having the right insurance coverage. About ten years ago, I was involved in a near-fatal crash where I experienced traumatic physical and emotional injuries. It was really challenging for me to endure the hospital stay and subsequent physical rehabilitation, but with the help of my medical team and my insurance company, I was able to overcome the challenge and completely recover. This blog is all about the importance of choosing the right insurance plan so that you can get on with your life and enjoy those precious years with your family and your friends.
Medicare is a health insurance program designed to cover medical expenses for the elderly and young people with specific disabilities or illnesses. The coverage pays for medical-related expenses as you age, but the benefits may not cover every cost if you or your parent is eligible for Medicare insurance, it's crucial to understand how this plan works. Familiarizing yourself with the basics of this federal government health insurance plan will come in handy. Below are some basic things you should know.
How Do You know You Qualify for Medicare?
If you are a 65-year-old U.S. citizen or have been a permanent resident for the last five years, you qualify to enjoy Medicare insurance benefits. But, you may need to meet other eligibility requirements before enrolling in the program. For instance, you and your spouse need to have worked for at least a decade and be qualified to get Railroad Retirement or Social Security benefits.
Also, you or your spouse will need to be a government employee or retiree who paid all the Medicare payroll taxes throughout the working days. This coverage also helps disabled people who haven't attained the minimum age requirement. You can always use the eligibility calculator to confirm if you are eligible.
Do You Have to Sign Up, or Will You Be Enrolled Automatically?
You will likely be enrolled in both Medicare Part A and B if you are getting Social Security benefits. This is usually done on the first day of your birthday month. If the birthday is on the first day of a month, the enrollment is done on the previous month.
However, if you haven't received any retirement board or Social Security benefits, you will be forced to enroll yourself manually. The sign-up can start on your birthday month, three months before the birthday, or three months after. If you intend to retain your private insurance cover beyond this duration, you will be expected to inform Medicare so they can schedule another enrollment period.
What Do Medicare Part A and Part B Cover?
Part A is designed for inpatient care in hospitals or skilled nursing facilities for a limited period. You can rely on this plan to pay for hospice care and home health care in some situations.
Part B Medicare insurance covers all doctor visits and any additional medically necessary supplies or services. This includes healthcare services for preventing illnesses, durable medical equipment, ambulance services, some outpatient prescription drugs, and mental health coverage.
Although Medicare covers a wide array of care, the plan will not cover all your medical-related expenses. For instance, these two plans won't cover services like eye exams, acupuncture, dental care, hearing aids, massage therapy, and cosmetic surgeries. Look into Medicare advantage plans for more information.
Share25 April 2022
