When you approach your 65th birthday you have a lot that is going through your mind. The thought of a new lifestyle can overwhelm you. Some of the benefits you were enjoying from your employer will be coming to an end. Some of these benefits include medical insurance. You are therefore required to make new arrangements for your medical insurance.
The best thing about this age is that you are eligible for Medicare plan. It is at this time that you can enroll for free. This is a major decision that involves your health and can give you a smooth landing from your employs’ medical benefits. Therefore you will be required to make good decisions. Before you make your final decision on Medicare you will need to understand various Medicare parts.
Parts of the Medicare
- Part A- also called Hospital insurance. It cares for inpatient services in the hospital with selected home and hospital care expenses. It also covers skilled nurse care expenses. You are not required to pay a monthly premium if you or your spouse contributed the monthly social security premiums during their working days. And also if you enjoy disability benefits or have suffered permanent kidney failure. If you decide to buy part A, you should have Medicare part B for which you will be paying monthly premiums. Those choosing a Medicare Advantage 2019 plan should visit MedicareAdvantage2019.org to find the best fit.
- Part B- also known as Medical insurance. This covers the outpatient cares, necessary services, and preventive services costs. Part B mostly covers the use of durable equipment for home and hospital cares, ambulance lifts costs and clinical tests.
- Part c- also known as medical advantage plans. Covers all benefits provided in part A, part B and part D. it also provides other benefits, not in the three parts mentioned above. It is provided by selected private companies in collaboration with Medicare.
- Part D- also known as Medicare prescription drug plan. This part covers the cost of prescription drugs in all parts.
You should note that you are eligible to enroll freely at 65th birthday. If you don’t enroll at this thime you will still have a chance to enroll later. However, you will have to pay a late enrolment penalty every time. Making early decisions will enable you to enroll in the plan of your choice on time and avoid penalties which can be a burden to you.
Enquire for Extra help program in your state if you have difficulty in paying premiums. With a proof of low income and must be a beneficiary of social security for you to qualify. However, the final decision lies with your state department.