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.
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