Medicare is your ticket to an insured future after retirement. Getting started can be intimidating, so here’s what you need to know to get on the right track.
Medicare is a federal insurance plan for older individuals, those with a disability, and those with End-Stage Renal Disease (ESRD) or Lou Gehrig’s Disease (ALS). When you think of standard Medicare, you’re thinking of Original Medicare, which includes Part A and Part B.
Part A
Medicare Part A covers short-term hospital and nursing home care. “Short-term” is the key phrase here — You have up to 90 days per year to stay in the hospital with full coverage. You’re also fully covered for 20 days in a skilled nursing facility if your doctor prescribes it after your hospital visit.
Part B
For other medical expenses like checkups, screenings, and treatments, you’re covered under Medicare Part B. This coverage is a bit less specific than Part A — essentially, you’re covered for equipment, services, etc. that are deemed “medically necessary” or preventative.
This can include things like:
As stated, you’ll want to enroll in Medicare ASAP — your Initial Enrollment Period (IEP) to enroll in Medicare starts 3 months before your 65th birthday and ends 3 months after. If you’re already retired and collecting Social Security benefits, you should be enrolled automatically. If not, you can do so by contacting Social Security.
There are other times you can enroll as well. If you miss your IEP, you can enroll in Original Medicare during the General Enrollment Period (GEP) that takes place every year from January 1st through March 31st.
Why is it so important to enroll ASAP? Unless you still have employer health insurance at age 65, your IEP lets you enroll in any Medicare plan regardless of health — this won’t affect Medicare Advantage. Still, it will impact enrollment in a Medicare Supplement plan.
Most importantly, you’ll be faced with Part B and Part D late enrollment penalties. This will get added to your monthly premium when you enroll. But, if you’re late to the game, don’t worry — better late than never!
With such vital coverage, you’ll want to enroll ASAP. But you’ll have to wait till you’re eligible at around 65 years old. You can also enroll, however, if you’ve received at least 24 months of Social Security Disability Insurance (SSDI) or have ESRD or ALS.
You may be eligible if ONE of these is true for you:
With these basics under your belt, you may feel more confident to start asking questions and heading towards your Medicare-insured future. To talk about your options and enrollment in Medicare, please contact us today.
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