Have you just recently turned 65 and decided to sign up for Medicare? The process can be complicated and confusing. Simply going through Medicare & You handbook is not enough.
There are several procedures and complicated terms that you need to understand. Keeping this in mind, here are some guidelines in order to understand Medicare:
Understand the basics
First things first; there are two different kinds of Medicare. The original Medicare is one that is offered by the government. However, private companies also offer Medicare.
This is referred to as Medicare advantage plan. Both of these types have their own set of advantages.
The original Medicare plan consists of certain parts; Part A of the original plan covers the expenses of staying in the hospital or in a medical facility. Part B of the plan covers expenses related to your visits to doctors and medical tests.
Part C allows private health insurance companies to offer Medicare benefits. Part D of the Medicare program revolves around coverage for your medicines. You are provided with a Medicare card, which allows you to purchase medicines from a store at a comparatively lower rate.
You can apply for Medicare as soon as you turn 65. You might also like to know that disabled individuals can apply for Medicare a lot earlier.
Costs associated with each part
For people who have worked in the country for the past decade, Part A of the Medicare plan is absolutely free. However, Part B of the program depends on your income levels. People with high income tend to pay a higher amount of money for Medicare part B.
The regulatory authorities determine the amount that you need to pay based on your tax returns in the previous years. In case there is a decline in your income, you can ask the authorities to reconsider.
In such situations, you will have to submit the relevant documentation, which provides proof that your income has indeed decreased.
Once the amount has been determined, a premium amount will be deducted from your monthly income. The costs associated with Part D are determined based on the rate of premium.
What are the areas that Medicare covers?
There are certain areas that Medicare does not cover. Even in areas that Medicare does indeed cover, you might have to pay your share of the amount in the form of copayment, coinsurance, and deductibles.
Some of the areas that Medicare does not cover include:
- Dental problems
- Vision problems
- Hearing problems
Medicare Supplement Plans
Medicare supplement plan is useful in areas, which are not covered by Medicare. Medicare pays a certain amount after you have received treatment and the remaining amount is covered by Medicare supplement plan.
If you’re turning 65 and looking for Medicare help in Raleigh, get in touch with us. We offer insurance brokering services that can help you have a comprehensive health care plan in place. Contact us at 800-619-4450.