As you get older, taking care of your health becomes important. And getting the right Medicare program can make a world of difference, especially if you experience any medical complications. Read on to learn about the essential aspects of Medicare to help you make the right choice.
Medicare comes at a cost
Medicare involves multiple parts, namely – Part A pays for hospital services. Part B covers clinic visits and OPD services and comes with a monthly tag. And Part D takes care of your prescription-drug costs. Of these, Part A is free if either you or your spouse has paid Medicare payroll taxes for 10 years. Part B and Part D involve a monthly cost.
Fill Medicare’s coverage gaps with Medigap
Medigap supplemental insurance plans are identified by letters A to N and can be used to cover deductibles, co-payments, and other gaps. What’s more, you can switch between Medigap plans at any time.
Consider Medicare Advantage
An alternative to traditional Medicare can be Medicare Advantage which provides medical and prescription drug coverage and doesn’t involve Part D or any Medigap policy. While these policies tend to have lower prices they also involve higher cost-sharing.
High incomers pay more for Medicare
In standard Medicare, the cost for Parts B and D increases according to income as surcharges are applied that are based on your adjusted gross income from the past 2 years.
When to sign up
When you start availing Social Security Benefits, you’ll automatically get enrolled in Parts A and B. Others have to sign up for coverage under parts A and B. To ensure that the coverage starts at the right time, sign up within the first three months from the month you turn 65. In case you are working at that point with your employer providing health coverage, you can delay enrolling in Medicare for up to eight months of losing coverage from your employer.
Free Preventive Services
Medicare beneficiaries can also avail of free preventive services like annual wellness visits to update personalized prevention plans, free cardiovascular screening every 5 years, annual mammograms, annual flu shots, and screenings for cervical, prostate, and colorectal cancers.
