What You Should Know About Medicare

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.