Whether you have been a Medicare recipient for a long time or are just signing up for the first time, understanding all the parts of Medicare and how it covers or doesn’t cover you can be downright baffling.
Read on to learn these 5 Medicare facts that every senior should know.
- Alphabet Soup
It’s not uncommon to hear someone reference Medicare’s alphabet soup. The different letters of Medicare help to tell you what is covered.
Medicare Part A provides hospitalization care. Medicare Part B provides doctor visits and services. Medicare Part D provides prescription coverage.
Original Medicare gets those eligible Part A and Part B. There is also an option called Medicare Advantage, often referred to as Part C. It combines Parts A, B, and D. You sign up for Medicare Advantage through private health care providers.
- Not Free
For some, there is the perception that if you qualify for Medicare, your health care is free once you make it to the eligibility age. Actually, just like with private insurance, Medicare has premiums and deductibles you need to cover.
It’s important to plan for those premiums and deductibles as you work towards retirement age and going using Medicare.
- Know When to Sign Up
Knowing when to sign up for Medicare is key to having it not cost you more money. Yes, you do become eligible for Medicare at age 65, yet you don’t automatically get enrolled at that time unless you are already receiving Social Security benefits.
If you fail to sign up when you should, Medicare actually will charge you more in premiums for each year you miss signing up, so it’s important to research the right time to sign up.
- Age 65
You will have a window of time around when you turn 65 to sign up for Medicare. You can sign up during the three months before you turn 65. You can sign up during your birthday month or for the three months following your birthday month.
Experts suggest signing up as early as possible to avoid having any gap in coverage.
- Not All Medical Needs Are Covered
While Medicare does cover hospitalizations and doctor visits, there are some things that are not covered as part of the plan. Long-term care, some dental care, eye exams are a few examples of things not covered. Cosmetic surgery and routine foot care is also not covered.
It’s important to learn what you will have covered and what Medicare will not cover. See these helpful hints to learn more about things covered and not covered.
Medicare Facts You Should Know
Understanding the ins and outs of Medicare is important to make sure you have the coverage you need. Use these Medicare facts to help guide you as you make decisions about your medical coverage.
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