What is Medicare? When do you enroll? How many parts are there in Medicare? What is Medicare Supplement? Do you need part D? All of these questions are going to get anybody’s head spinning so here are the basics of Medicare.
Medicare is a national health insurance program that is set up for most individuals that are 65 and older. There are some exceptions for those under 65 and that would include individuals who are on disability or have terminal illnesses.
For most individuals, when they turn that magic age at 65, that’s when they go into medicare a full time. When you’re about 64 and half-ish, you will start to get lots of Medicare information in the mail as well as some probably unwanted calls.
There are some who turn 65 and continue to work past 65 and are on your employer insurance and that’s okay. Once you fully retire that’s when you will go on to medicare full time.
What are the parts of Medicare and how many parts are there? There are 4 main parts of medicare with an optional fifth part. Parts are made of A and B, C, and D.
Part A is hospital insurance and this helps cover your hospital care. Most individuals get this automatically when they age into Medicare and is usually at no additional cost to you .
Part B is Medical insurance and that includes things such as doctor’s visits, outpatient procedures, lab work, MRI and etc.
Part C is also known as Medicare advantage plan. In order to get Part C, you have to have part A and B, that is the requirement. These Medicare Advantage plans typically have the additional benefits that Parts A and B don’t cover which are things such as dental and vision.
Part D is an optional prescription drug plan that you can either purchase separately or a lot of times, you can build into your Part C Medicare advantage plan.
The optional fifth part is Medicare supplement or a Medigap plan. This plan is basically the bee’s knees. It basically help work side by side with the original Medicare and they help cover the cost that parts a and b do not cover.
Do you need part D? There are two reasons why we suggest that you do get a prescription drug plan when when you go into Medicare.
First reason is you incur a late enrollment penalty when you finally do eroll in a prsecripion drug plan. If you wait a couple years and then you change yur mind, the amount of time you went with that one, you will paying a penalty and it’s not a one time penalty. so to spare you from having to do that, I recommend getting a prescription drug plan when you finally go into Medicare. Second reason is because we don’t have a crystal ball and we can’t predict what our health is going to be like in the future years to come.
Most people tend to not get healthier as we get older so if you skip the prescription drug plan and at some point during the year something happens and now you are taking prescriptions and you don’t have any coverage at all, you can be incurring hundreds and hundred of dollars in prescription drug costs that you should not have to pay if you had a prescription drug plan. We always recommend that you get a Part D drug plan whether you purchase it separately and get medicare supplement or you get a built in to your medicare advantage plan.
We hope all this information is helpful and if you have any other questions, feel free to give us a call at 888 959 1028 or check out our website www.myhealthcaredirect.com for more details about Medicare.