Read this prior to applying for Medicare – Allen Heffler

Posted by Allen Heffler on 05/18/2015

Read this before Applying for Medicare – Allen Heffler Medicare Insurance Broker Willow Grove

Medicare is an important piece of the puzzle for seniors, with the health insurance covering the most of healthcare costs that you will incur after you turn 65. While most of us will be eligible for Medicare, there are important items things to think about prior to enrolling in Medicare in order to take maximum advantage of the benefits. Anyone who has looked into Medicare knows that it is confusing and complicated. To help simplify it somewhat, though, it helps to boil down Medicare’s many benefits and costs to their bare essentials. Below you’ll find four things you should consider prior to making your Medicare decision that could have big implications for the rest of your life. 1. What you pay for and what you get with Medicare. Medicare is complicated in part because it has multiple parts. Part A hospital coverage is free for most Medicare beneficiaries. Medicare Part B covers such things as outpatient services- doctor visits, lab, diagnostic, etc. For Part B, Medicare charges a standard premium of $104.90 per month, with higher amounts for upper-income earners ranging all the way up to $335.70 per month. Prescription drug plans under Part D have differing costs depending on what the plan covers. Alternatively, signing up for a Medicare Advantage plan, also known as Part C, involves consolidating all the hospital, medical, and drug coverage options into a single policy. Medicare Advantage plan costs also vary by provider and level of benefits included. Regardless of which option you pick, you might also have to pay co-payments and deductibles with your Medicare coverage. 2. The right time to sign up for Medicare. You can sign up for Medicare starting three months before you turn 65, and initial enrollment lasts until three months after you turn 65. That time period is important because if you enroll late, you can owe penalties. For instance, late enrollees for Part B have to pay 10% higher monthly premiums for every year by which they missed the initial deadline. Those who work beyond 65 can qualify for a later deadline as long as they have coverage at work. Even then, though, you have to enroll within eight months of the end of that coverage to avoid potential penalties. 3. Filling the gaps in Medicare is important. Medicare only covers a portion of your healthcare costs. In order to help with the rest, many people buy Medicare Supplemental insurance, also known as Medigap coverage. Medigap policies typically involve making set monthly premium payments in exchange for the insurer paying much of the cost that Medicare doesn’t cover. By paying all or part of coinsurance amounts, deductibles, and even co-payments in some circumstances, Medigap coverage can make your healthcare expenses even more predictable in retirement. 4. Beware of what Medicare doesn’t cover. Even with Medigap coverage,there are certain types of expenses that Medicare just doesn’t cover. One of the biggest is long-term nursing home or assisted living care, with Medicare only covering a limited period of skilled nursing care in which the patient makes substantial progress toward rehabilitation and restoration of their health. Those who need nursing-home or other care for daily activities like eating and hygiene can’t expect Medicare coverage to pay for those costs. Those who anticipate these types of expenses should consider a long-term care policy that’s designed to cover these costs. Similarly, Medicare generally doesn’t cover costs of routine dental care, eye exams, dentures, or hearing aids. Those will typically remain your responsibility.

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