Medicare Covers All of Your Healthcare Needs
The fact is, Medicare only covers your basic healthcare needs. Medicare Part A covers inpatient care in a hospital or Skilled Nursing Facility, hospice care, and home health care. Medicare Part B covers medically necessary and preventive care, including clinical research, ambulance services, durable medical equipment, mental health care, and limited outpatient prescription drugs.
Medicare does not cover long-term care, which is also called custodial care. Medicare also does not cover routine dental, vision, hearing, or foot care. That means you have to pay 100% of the cost for these services, including exams, cleanings, and equipment like hearing aids, contacts, glasses, and dentures.
Fortunately, you can access these services through packages as part of Medicare Advantage plans. Medicare Advantage plans are separate from Original Medicare (Part A and Part B). These plans offer Part A and Part B coverage with additional benefits for prescription drug coverage and dental, vision, and hearing plans.
To sign up for a Medicare Advantage plan, you must first be enrolled in Part A and Part B. You also cannot have a Medicare Supplement plan.
Medicare Is Only for Seniors
Medicare is not just for American seniors aged 65 and older. The program also aids people with disabilities and conditions like End-Stage Renal Disease (ESRD) and Amyotrophic Lateral Sclerosis (ALS, also known as Lou Gehrig’s disease). These people have some of the most persistent healthcare expenses and the longest medical bills, so it makes sense that a government program would help these people afford their healthcare.
People who have been receiving disability benefits from Social Security or the Railroad Retirement Board for at least 24 months are eligible for Medicare and automatically receive benefits in their 25th month of disability benefits. People with ALS automatically begin receiving Medicare benefits the same month they start receiving disability benefits. People with End-Stage Renal Disease have to enroll in Medicare and receive benefits in their fourth month of dialysis treatment.
You Can Enroll at Anytime
For many, enrollment is automatic! However, this does not apply to everyone. To enroll automatically, you need to meet one of the listed requirements:
- You will get Railroad Retirement Board or Social Security benefits at least four months before turning 65.
- You are under 65 with a disability.
- You have Amyotrophic Lateral Sclerosis (ALS).
If you do not meet the above requirements, you need to enroll yourself. If you enroll after your Initial Enrollment Period ends you could have to pay a late penalty, unless you qualify for a Special Enrollment Period.
Your Initial Enrollment Period begins three months before the month of your 65th birthday and ends three months after. If you sign up during the three months before you turn 65, your Medicare coverage will begin on the first day of the month you turn 65 (unless your birthday is on the 1st, in which case coverage begins one month before your birthday). Signing up in the month of your birthday or three months after means coverage will start the first day of the month after you ask to join the plan.
It is always recommended that once you become eligible for Medicare, you enroll as soon as possible unless you are automatically enrolled. If you have to manually enroll yourself, you must keep track of the enrollment periods as you are not allowed to enroll outside the given enrollment periods. All enrollment periods include:
- Initial Enrollment Period
- Special Enrollment Period
- General Enrollment Period
- Annual Enrollment Period
- Medigap Open Enrollment Period
- Medicare Advantage Open Enrollment Period
Depending on which period you enroll in, you will have late enrollment penalties.
Avoid Making Medicare Mistakes
Follow the advice of Medicare experts and pay close attention to your enrollment periods to avoid late enrollment penalties. For personalized guidance, contact our agents today.
