As you continue to progress through different stages of life, there is a very good chance that your medical requirement will continuously change as you grow older.
People become eligible to enroll in Medicare once they reach a certain age. If you would want to receive Medicare benefits, then you must sign up and enroll. The five tips below will provide you with important information about Medicare as well as the different options that you can choose from.
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When Can You Enroll?
There are two different enrollment periods that are available for Medicare.
Initial Enrollment: This is the period that you are first eligible to enroll in Medicare. This time frame starts three months before you turn 65 years old, and then ends three months after your birthday. When you sign up during your Initial Enrollment Period, you will not be required to answer medical questions in order to enroll in Medicare.
General Enrollment Period: If you do not enroll in Medicare during your Initial Enrollment Period, you can sign up in the General Enrollment Period. This time frame starts on January 1 and goes through March 31 every year. You may be charged a penalty fee for late enrollment if you enroll during General Enrollment instead of during your Initial Enrollment.
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How Basic Medicare Parts A and B Work
Inpatient care received in hospitals is covered by Medicare Part A. Basically, it is hospital insurance. If you are already sick or injured, Medicare Part A can help cover your medical costs. Hospice care, home health care, skilled nursing care, and critical access hospital care are all covered by Part A. However, it does not cover long-term care.
Medicare Part B is medical insurance has is designed to cover preventative care. To understand what makes Part A different from Part B, “B” can be thought to stand for “Before.” Medicare Part B covers all of your medical costs before you become sick or sustain any serious injuries. For example, Medicare Part B covers regular doctor check-ups.
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What Is Covered By Medicare Insurance?
Many people struggle with keeping track of what is and is not covered by Medicare. One important thing to remember is that only 80% of costs are covered by Medicare. For example, if your hospital stay cost $20,000, then Medicare will cover 80% of those expenses. That means you would be responsible for paying $4,000 on your own. Drug coverage is also not covered by basic Medicare. You will need to pay for your won prescription medications unless you have a prescription drug plan.
Supplemental Medicare plans
2021 Part C or Medicare Advantage plans. These plans combine Parts A and B. They are designed to act as your primary insurance coverage. You can obtain this coverage from private insurance companies. Usually, prescription drugs are covered.
Medigap or Medicare Supplement: Those plans provide coverage for the remaining 20% not covered by Medicare. They are designed to fill the coverage gap. How much coverage you receive varies depending on the plan you choose. Take a look at the Medicare Supplement Plans 2021 available to you.
Medicare Part D or Medicare Prescription Drug: These plans have been designed to help cover the costs of medications. There are several different plans to choose from, and the coverage on these plans vary. Talk to a ZRN Health and Financial Services Medicare specialist to learn which plan fits your needs the best.
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Make Sure Your Doctor Accepts Medicare
Check to confirm that your doctor will accept Medicare or your other Medicare programs after you have enrolled in your Medicare plan. Planning ahead will help you avoid payment and insurance problems in the future.
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Evaluate Your Plan Each Year
Medicare offers an Annual Enrollment Period each year from October 15 through December 7. That provides you with the opportunity to review your plan every year.
It is possible for insurance plans to change every year. That is why reviewing your plan is very important. The enrollment period is a perfect time to make any necessary changes to your plan. Review your plan carefully and decide whether your current insurance plan meets your needs or not. Make sure you work with an insurance company that specializes in offering health coverage to seniors.