![]() ![]() Medicare Advantage is an increasingly popular way for Medicare members to get their benefits. This portion of Medicare is sold by private companies, but it’s still regulated by the federal government. It covers all of the benefits of Medicare Parts A and B together (by law), plus added benefits that vary by plan. Medicare Part C is called Medicare Advantage. Along with the monthly premium, Part B has an annual deductible and 20% coinsurance - meaning you pay 20% of the cost of care, with no annual limit on out-of-pocket costs. Some higher-income members pay more, but everyone has a cost for this portion of Medicare. This portion of Medicare covers things like routine trips to the doctor, flu shots, vaccines, X-rays, outpatient surgery and other medically necessary care and equipment.Įveryone pays a premium for Medicare Part B. ![]() ![]() It’s what you probably think of when you think of typical medical benefits. So while there’s no monthly premium for most people, everyone will pay for a portion of their care. Part A does include cost sharing, though, in the form of deductibles and coinsurance. You might hear it referred to as “premium-free Part A.” About 99% of people get this portion without a monthly premium. If you accumulate 40 work credits over the course of your working life, you won’t have a Part A premium. This portion of Medicare usually doesn’t have a premium because it’s paid for through work taxes. It covers the care you get during an inpatient hospital stay and/or skilled nursing facility. Each of these parts covers different benefits, which we’ll highlight in this section. Medicare is divided into four parts: A, B, C and D. And those late enrollment penalties can last for as long as you have Medicare (i.e., forever). Plus, if you miss your IEP and then later decide to enroll, you may pay a penalty for certain portions of Medicare. The sooner you enroll, the sooner your coverage starts. It’s important to enroll in Medicare when you’re first eligible. So, for example, if you turn 65 on August 8th, your IEP runs from May 1st through November 30th. Your Initial Enrollment Period (IEP) to sign up for Medicare lasts for 7 months: 3 months before the month you turn 65, the month you turn 65, and 3 months after that month. (This includes people with ESRD, who need to actively enroll as well.) If you don’t get Social Security benefits and you don’t have a disability, then you’ll need to sign up for Medicare when you first become eligible. If you fall into one of these categories, check out for specific information about enrollment and when your benefits start.įor everyone else, enrollment requires active participation. For instance, people with ALS will get enrolled into Parts A and B once their disability benefits start. People receiving Social Security benefits at least 4 months before they’re eligible for Medicareįor these groups, enrollment is automatic, but it varies.Those with a disability who’re under 65.Those receiving disability benefits from Social Security or the Railroad Retirement BoardĮnrollment falls into two categories: automatic and active.Ĭertain Medicare members will need to sign up for Medicare when they become eligible.People with end-stage renal disease (ESRD).Some younger people with disabilities can also enroll, though. That’s the minimum age for Medicare benefits for the general population. Most people become eligible for Medicare when they’re 65. When can I enroll in Medicare?įirst, let’s go over eligibility. To help you understand Medicare better, we’ve answered some commonly asked questions about the program below. You’re not alone if you’re not clear on what Medicare is or what it covers. This often misunderstood program can be confusing, even if you’ve been enrolled in it for years. Initially designed for America’s seniors, the program now covers people over the age of 65 as well as younger people with certain disabilities. Medicare is a federal entitlement program that provides affordable healthcare coverage for over 60 million people. An overview of Medicare and the Medicare enrollment process ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |