The process of enrolling in Medicare is fairly simple. In many cases, the process is automated. For instance, if you’re already getting social security benefits, the federal government will send you a Medicare Card for enrolling in Part A and B three months before you turn 65. However, there are some important decisions involved in the process, and that is where you need to be prepared.
Take a look at these steps that can help you prepare for the process.
Sign up For Medicare Part B
The Initial Enrollment Period of Medicare typically lasts for seven months and begins three months before you are 65. Note that people often automatically qualify for Part A (hospital insurance) if they have paid all their Medicare taxes when working for at least ten years. Part B (medical insurance), however, may require self-enrollment.
Although you have enrollment periods, you may have to pay a late fee with high premiums if you miss the signup dates.
Choose a Medicare Plan
Medicare comprises two options Original Medicare (Part A and B) and the Medicare Advantage plan (Part C). It is crucial to choose an option that suits your medical needs the most.
And for that, you might need to do some research or consult a professional who can navigate you through the plans and help you weigh their pros and cons.
Original Medicare, for instance, offers coverage for hospitals, approved doctors, and other facilities. You need to buy Part D, prescription drug coverage during the initial enrollment period.
Medicare Advantage plan, on the other hand, is available with private insurance companies and offers broader healthcare services as compared to original Medicare.
Pick Up Medicare Supplement Insurance
The next step is to choose Medigap policies that can help you cover medical expenses Original Medicare doesn’t cover, such as coinsurance, copayment, and deductibles. Medigap policies can cover the cost entirely or partially.
Evaluate Your Medicare Plan
Reviewing and evaluating the “Yearly Notice of Change” document of your Medicare plan can help you find opportunities for better savings and provided services. You can use the Annual Enrollment Period from October 15 to December 7 and change your Medicare plan and drug plan.
Consult a Professional
Recognize the importance of professional advice for your Medicare coverage. If you want to opt for long-term healthcare coverage, it is essential to determine the type of Medicare plan best for your medical needs and financial position. We recommend you work with a professional before deciding on your Medicare plan.
Bottom Line
In conclusion, Medicare health insurance plans are complex and entail minute details that need your attention. Although signing up for these plans is straightforward, you need to take some steps to prepare yourself. Consider working with a Kannonball Insurance professional to seek assistance for all your Medicare options.
