Four Things To Know About Medicare Before You Retire
Medicare is a government health care program for those who have reached the age of 65 or who have certain disabilities. But before you apply for Medicare, there are a few things you need to know about this medical insurance. The following are four of the most important.
There are two types of Medicare
You may have heard Medicare mentioned along with the terms Part A, Part B and Part C. This can be confusing, but it is not complicated. Parts A and B refer to basic Medicare. This is the type of Medicare most people have. Part A defines the coverage for inpatient care, and Part B defines the coverage for outpatient care. Medicare Part C is a separate type of Medicare insurance and is offered as an alternative to basic Medicare. It is usually referred to as Medicare Advantage. This type of Medicare is a private sector health insurance policy that offers what traditional Medicare does but with additional benefits.
Medicare is not means tested
Regardless of your income, you will qualify for Medicare. This medical insurance was never designed as a welfare program; therefore, once you reach the age of 65 you can enroll for Medicare insurance. There are certain exceptions for people under the age of 65, but everyone 65 and older is eligible for Medicare.
Medicare does not pay for everything
Although Medicare is a great deal for health insurance, it does not pay for all of your medical bills. The exact percentages it pays will vary depending upon whether the bill was outpatient or inpatient care and the specifics of the medical bill.
Supplements can be purchased
In order to address the issue of the remaining balance of the medical bill, there are supplemental insurance policies available. Also known as Medigap policies, this insurance is sold by the private sector, but the policies themselves are defined by the federal government. They are identified by letters that are assigned to them. Examples, include Plan A, a basis supplemental insurance, and Plan F, one of the more popular supplemental policies. There is an enrollment period for these policies, so it is best to make your purchase shortly after enrolling in Medicare.
Although Medicare is a great deal for seniors, you should keep in mind that you need to enroll in the program right away. There is a time frame to sign up for Medicare. After this you need to wait for the next year. The current enrollment period is October 15 to December 7.
For more information, contact a company like Lubenow Insurance Agency.