Medicare is a federal health insurance system for people aged 65 and above or those below 65 who have specific disabilities. However, there are several different parts of Medicare. Our experts at Steve Wilk Insurance can help you understand the differences between these parts so that you can choose one that works the best for you.
Part A covers your hospital bills, such as inpatient care and skilled nursing facility. It is generally free, so you aren’t required to make periodic payments (premiums).
Part B covers medical bills, including outpatient care, laboratory tests, and surgeries. You need to make periodic payments at flexible rates that increase each year.
Part C is a wide-coverage plan which includes all that is covered under parts A and B. It also covers health plans run by private, Medicare-approved insurance companies. While the premiums are lower than other plans, you can only access a small network of doctors and will have to pay higher deductibles.
Part D requires monthly premiums that vary for different policyholders. It covers the cost of prescription drugs and can help protect against higher costs in the future. Policyholders need to qualify for Parts A and B before they can apply for Part D.
You will be eligible for Medicare if:
- You are a U.S. citizen
- You are 65 years or older
- You or your spouse are eligible for Social Security benefits/ railroad retirement benefits
- You or your spouse were government employees covered by Medicare
- You have a permanent disability and have been receiving disability benefits for at least two years
- You have End-stage Renal Disease (ERD) or permanent kidney failure
- You have amyotrophic lateral sclerosis (ALS), also known as Lou Gehrig’s disease
Employees over the age of 65 can continue with their group health coverage plan or switch to Medicare. Also, even after the Initial Enrollment Period is over, you may be granted a Special Enrollment Period in case you lose your job. However, when certain policies end that aren’t considered coverage based on your employment, you will not be granted a Special Enrollment Period. In such cases, you will have to pay the penalty for late enrollment.
Health insurance policies that are not considered coverage based on current employment include:
- Retiree health plans
- Individual health coverage like those obtained from the health insurance marketplace
If your spouse is still working at 65, they may delay enrolling for Medicare B without getting fined for late enrollment.
Also, if your spouse has been jobless for at least a decade, during which they haven’t paid Medicare taxes, but you have, both of you will still be eligible.
Medical costs continue to skyrocket, and average income earners have found themselves in difficult financial situations due to unexpected medical emergencies. Visit Steve Wilk Insurance to take out a Medicare plan for you and your spouse. Contact us today to get a quote!
- How much does Medicare cost?
Some types of Medicare plans require premiums and deductibles. Therefore, the cost of coverage will depend on the type of plan. However, several assistance programs can help minimize some of these costs for low-income earners.
- Can I delay enrollment in Medicare Part B?
If you are still working and are already covered under a group health benefit plan, you may delay your enrollment without getting penalized.
- Can I delay enrollment in a Medicare Part D plan?
If you have creditable prescription drug coverage, like the Veterans Affairs health benefit or the TRICARE for life, you may choose to delay your enrollment. A creditable prescription drug coverage is better or equal to the standard Part D benefit.
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