Medicare options
There are two available ways to get Medicare. One way is to choose Part A
and Part B, which is the Original Medicare, and the other available
option is to choose Part C, which is the Medicare Advantage plan. There
are private insurance companies that offer these Medicare plans. Before
choosing your plan, you first have to decide which company to go with.
Drug coverage
Drug coverage is now available in Medicare. If you have the Medicare
Advantage plan, you will have the option to include Part D, which is the
prescription drug coverage. If you have the Original Medicare coverage,
you can include it in your plan by enrolling in a standalone Part D.
Unless you qualify for an exception, not signing up for Part D as soon
as you become eligible for Medicare could result in a penalty on your
premium.
Your share of the cost
Although some of the money you pay for taxes goes to Medicare, you will
still have to pay a share of the cost. Reason being, the taxes do not
cover the cost of the benefits you are now receiving, so to maintain all
benefits you will have to pay a share of the cost.
What can affect your share of the cost
If you have Part A and Part B Medicare, you will notice that Medicare
does not cover all expenses. Whenever you need serious help, a gap is
created, and these gaps create large bills. To help with this problem,
it is best to buy a Medicare Supplement Insurance policy. Another good
alternative to consider is to choose the Medicare Advantage plan.
How will where you live affect your Medicare coverage
Across the United States, Part A and Part B Medicare plans will be the
same, while Part C and Part D plans will be different. Some Part C and
Part D plans will be available in only some areas due to the fact they
are offered by private companies. However, there are some Part C and
Part D plans that will have coverage nationwide.
In general, Medicare will not cover all of your expenses. You will
quickly realize that each Medicare plan will have advantages (expenses
that are covered) and disadvantages (expenses that are not covered).
Check your current health coverage
Look at your health coverage and see how Medicare will fit in with it.
Take heed to this
When considering getting Medicare coverage, timing does matter. You will
become eligible for Medicare right before you turn 65 or due to
disability. For those that decide to wait to join, they may find that
waiting is what led to them paying more while having fewer choices.
Reviewing your coverage
You are not stuck with your Medicare coverage. Every year, you are able to change your Medicare coverage.
Do not be shy
Do not be afraid to ask for help. Help is always available for those
that need it with making Medicare choices, and for those that have
little income and (or) assets.
