Provided by the US government, Medicare offers an exclusive health insurance program for three sets of people – retirees, people with final stage renal disease, and young people who suffer from disabilities. Apart from covering doctor’s and hospital visits for senior American citizens, Medicare also includes different types of prescription drugs and preventive care.
- Medicare Offerings: The health insurance program covers certain services – Medicare Part A is hospital insurance that covers hospice, inpatient hospital care, and specific types of home health services, Medicare Part B is medical insurance that covers outpatient care, preventive services, medical supplies, and doctor’s visit fee, Medicare Part C also called the Medicare Advantage Plans is a type of Medicare healthcare plan that is offered by private insurance companies. These companies maintain a contract with Medicare and provide additional services such as Medicare medical savings account plans, special needs plans etc., inclusive of Part B and Part A benefits. Finally, Medicare Part D offers prescription drugs coverage – drugs are placed in different tiers, and the prices of the drugs are determined by which tier they belong to.
- Enrollment Period: There are specific time periods when people can enroll into the Medicare program. Some people will need to apply for the program, while others may automatically get access to Medicare, this solely depends upon the situation faced by an individual. The initial enrollment period to get enrolled for the first time happens during the 7 month period that commences 3 months before a person’s 65th birthday month. Medicare charges higher premiums for people who do not sign up for the program during the initial enrollment period – a person may have to pay late enrollment penalty for Medicare Part B if they miss out on enrolling when they are first eligible.
- Amount of Premium: Even if there is health insurance provided by an employer, it is ideal for people to choose Medicare Part A when they turn 65, mainly because they will not need to pay a monthly premium amount for this type, as they paid Medicare taxes during their career. Everyone will have to pay a monthly premium for Medicare Part B. The premium amount differs depending upon when a person enrolled into Medicare Part B and their income. As of 2018, most people pay $134 as the standard premium amount for this type of Medicare.
Go to https://www.medisupps.com/aarp-medicare-supplement-plans-2018/ to find out more.