Medicare is a health insurance program that was created to help cover healthcare costs for seniors and disabled individuals. Medicare covers a variety of healthcare services regarding your inpatient and outpatient services, as well as other expenses such as prescription drug coverage.
The coverage you get from Medicare will ultimately depend on the plan you’re enrolled in, so it’s important to understand how each part of Medicare can benefit you before you enroll.
Costs and Eligibility
Medicare aims to provide affordable healthcare to eligible individuals at a low cost. For example, most people don’t have to pay monthly premiums for Medicare Part A if they worked for a total of ten years, or 40 quarters, and paid into Medicare taxes. For many seniors, this is a done-deal as this means there is one less cost to worry about.
Some Medicare Advantage plans also have little to no monthly premiums. This means if you enroll in a Medicare Advantage plan that has this advantage, the only premium payment you’ll most likely have to worry about will be for Medicare Part B.
When it comes to eligibility, most people will qualify because of their age. Three months before you turn 65, you’ll enter your Initial Enrollment Period, which allows you to enroll in Medicare coverage. People under 65 can also enroll if they meet certain requirements, such as having a disability.
Many people are also automatically enrolled in Medicare, making it super easy for seniors to just enjoy their coverage without going through the confusion of trying to enroll during their Initial Enrollment Period.
Coverage
Since each part of Medicare provides different coverage, you are guaranteed to find a plan that suits your needs. For example, Part A and Part B will take care of your inpatient and outpatient services. If you have any out-of-pocket costs that Part A and B won’t cover, you could potentially get a Medicare Supplement plan to help with those costs. You could also opt for a Medicare Advantage plan, which combines Part A and B coverage and includes additional coverage, such as coverage for dental or vision services. And, if you need prescription drug coverage, you can get that through Part D or as an additional benefit through Medicare Advantage. The possibilities are endless when it comes to coverage.
Now, with each part of Medicare, it’s important to know where you can receive this coverage from. With Part A and B and a Medicare Supplement plan, you can go to any hospital or facility in the country as long as they accept Medicare. In fact, some Medicare Supplement plans will even provide coverage for emergency costs outside of the U.S.
If you have Medicare Advantage, you may be limited to receiving care within your plan’s provider network. However, this isn’t necessarily a bad thing! If anything, it just keeps you from paying more out-of-pocket by using an out-of-network provider.
Need Medicare? We Can Help!
At El-Mag Insurance, we are dedicated to finding you a Medicare plan that fits all your coverage and budget needs. To learn more about how Medicare can benefit you and when you can enroll, give us a call today at 954-674-1444!
