ISG Benefits and Insurance Services Blog
Medicare has been around since 1965. However, not many people can say that they know a lot about it. In fact, Medicare is a huge program with plenty of rules and options. This is what can make Medicare confusing. Here are some things you may not know about Medicare.
You Should Make Choices
You have options in Medicare. You don't have to stick to traditional Medicare if you want. You can choose Original Medicare (Medicare Parts A and B) if you want hospital care. Also, you select this option if you wish to access to any hospital or doctor in the country that accepts Medicare. You also have the option to go for Medicare Advantage Plan (or Medicare Part C). This is something you can buy from a private insurer. If you choose Original Medicare, you need to choose Part D too, if you want prescription drug coverage.
There Are Several Parts to It
Medicare is not like a one-stop shopping convenience. This makes it different from traditional health insurance. If you have signed up with Medicare, you may have to enroll in Medicare Parts B and D. This should serve as coverage for medical care and prescription drugs. You may also need to have a supplemental plan for extra coverage in case you need to pay for any out-of-pocket costs.
Medicare Might Cost More Than You Expect
There’s no out-of-pocket maximum with any traditional Medicare plan. However, there’s no limit to your costs for a co-insurance in case you have a serious health issue. Medicare Part D, which is for prescription medicines, does not have a threshold. However, you may still pay 5% of every prescription drug over your coverage.
If You Delay, You May Have to Pay Penalties
You have seven months to sign up for your chosen Medicare plan. Some people will automatically enroll in Original Medicare. If you're unsure about your options, meet someone from the Social Security office. If you don't enroll in Medicare or Medicare Advantage Plan during your open enrollment period, you'll pay the penalty. If you delay enrollment in Medicare Part D, you'll have a penalty too.
You Have the Option to Get Medigap
A Medigap policy is a supplemental insurance. If your Medicare plan can't pay for some of the costs, your Medigap can. These include copayments as well as deductibles. Buy Medigap upon enrollment in Medicare. Do this regardless of your state of health.
Some Final Words
Purchasing Medicare may be a daunting challenge, especially for a senior. However, the benefits are endless. Medicare is always worth the complicated processes and enrollments. Get a Medicare plan now for your peace of mind.
At Insurance Savings Group, we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays and we're here to help you out. Learn more about our products and services by calling our agency at (661) 432-1474. You can also request a free quote by CLICKING HERE.
2/26/2021 10:12:29 am
I appreciate that this post highlighted that one of the many benefits of adopting medicare solution software to our medical practice is that it manages our data seamlessly. I do believe that a successful medical practice depends a lot of how we manage our patients and their information. I think I will get in touch with a professional to have more information the solutions.
3/12/2021 03:17:37 am
You made a good point when you shared that processes and enrolments of Medicare can be complicated but the benefits are endless. My friend just mentioned the other day that she is thinking of getting Medicare for her father who is getting old and always falls sick lately. I will suggest to her getting it from a reliable provider who can help ease the enrolment process for them.
4/16/2021 12:07:16 pm
Thanks for explaining that there are options in Medicare. My parents just retired, and their health is getting worse by the day. I'll tell them that Medicare presents options that they could evaluate as they look for new healthcare coverage.
4/16/2021 12:08:17 pm
It's good to know that you can choose different types of Medicare. My neighbor was telling me a couple of weeks ago about how she and her husband are wanting to look into getting it for themselves in a couple of weeks, and that they wanted to learn more about it beforehand. I'll make sure to pass this information along to them once they find a place to get Medicare insurance from.
4/16/2021 04:33:41 pm
Thanks for sharing how Medigap can cover what your Medicare can't. My wife and I are having a baby soon. We need some help paying the bills so we'll try and get Medicare and Medigap just in case.
9/21/2021 09:17:41 am
I didn't know that there are several parts to Medicare. I'd like to help my mom get it. But I need to make sure she gets the right plan.
2/28/2022 07:50:38 pm
Very well explained! I have learned many great things from your articles. I have been checking out all of your blogs as well, thanks for sharing this
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