As you head into retirement, there are a number of things you need to grapple with — one of them is figuring out Medicare so that you can be properly cared for in your old age. But, it isn’t as simple as it sounds — you have to figure out when to enroll, and what coverage would be best for you. It is important to go into the process knowing a few things — check out these four essential facts that are good to know about Medicare:
There Is a Cost: Medicare has three tiers, all of which deal with different types of medical needs. Part A, which pays for hospital services, is free, but only if you or your spouse paid Medicare payroll taxes for at least ten years. Otherwise, there is a monthly premium. Part B covers doctors visits and other outpatient services, with a monthly cost of about a hundred dollars. Part D (Part C comes later), covers prescription drug costs and also has a monthly charge.
There Is a Gap
But you can fill it. Many of those on Medicare also choose to sign up for a medigap supplemental insurance plan in order to help cover deductibles, co-payments, and other gaps in the plan. There are a variety of different plans for different conditions and situations.
Sound Confusing? There’s Another Option
If it sounds like just too much to handle, there is an all-in-one option that might be more appealing. Medicare Advantage is a plan that offers complete comprehensive coverage through private insurance companies — this is where to missing Part C comes in.
When Should You Enroll
You will be eligible for Medicare when you turn 65. If you are already collecting Social Security, you’ll be automatically enrolled in A and B. Those who haven’t started Social Security will have to sign themselves up for parts A and B.
Medicare may be confusing at first, but it is a well-rounded system designed to help in managing health care expenses. If needed, there are consultants that can help you navigate the world of Medicare so that you can get the care and medications you need.