Medicare covers medical and healthcare facilities and services for people over the age of 65years and those who are younger but have disabilities. As you near retirement age or as a person living with disabilities, it is essential to know as much as you can about your health care coverage.
This is why the American Hope Resources team has shared everything you need to know about Medicare. American Hope Resources provides exclusive resources to help improve the quality of your personal and family life. Their resources are well-researched and have helped millions of people over the years.
4 Things You Need To Know About Medicare
Medicare Becomes Your Primary Health Insurer Once You’re 65
Most of the time, you become eligible for Medicare three months before you turn 65. You can, however, qualify earlier if you have a disability, ALS, also known as Lou Gehrig’s disease or End-Stage Renal Disease (ESRD).
You might be on another healthcare plan before Medicare, such as Individual Health Insurance or Retiree Health Insurance. Still, once you turn 65, Medicare becomes your primary healthcare option, and any other one would be considered secondary.
Medicare Covers Four Separate Health Care Plans
Medicare covers four Health care plans: Plan A, Plan B, Advantage Plan, and Plan D.
Plan A is hospital insurance. This plan covers most care related to inpatient hospitals, home health care, skilled nursing facility, palliative care, or hospice care.
Plan B is Medical Insurance. This plan mainly covers outpatient care, necessary doctor services, and durable medical equipment. It also covers preventive care like X-rays, laboratory tests, mental health care, home health (to an extent), and ambulance services. You will need to pay a monthly premium for this coverage.
According to the experts at American Hope Resources, the Medicare Advantage Plan may provide all hospital and medical insurance coverage and some extra coverage on hearing, vision, and dental. The Medicare Advantage Plan is not offered directly by the government; Private Health Insurance Companies contract with the government.
The Part D Medicare Plan is a different plan that covers prescription medications. This plan is not funded directly by the government but is an optional Plan to cover medication costs.
You Have To Apply Before You Turn 65
The enrollment period starts three months before you or your family member turns 65 and ends four months later. Paying before you reach 65 enables you to avoid late penalty fees.
These fees vary depending on the Medicare plan. The penalties do not go away and might cause quite a burden throughout your lifetime. Thus, you must apply for Medicare Insurance within these seven months.
However, if the reason for your late enrolment was incorrect information from a government official, you might only have to pay part of the penalty. To prove this, if necessary, always document the name, date, and time of the meeting, a summary of the conversation, and contact details of the office whenever you consult one.
Medicare Does Not Cover Family Insurance
You cannot enroll in Medicare as a family. Each member has to go through a separate application process.