Here is a list of nine important things all Baby Boomers should know about Medicare.
Enroll on time to avoid penalties later. Medicare is only automatic for those turning 65 when someone is already receiving their Social Security check. If you are not already receiving your Social Security check and not working full time with true company benefits from either you or your spouse’s work, then you will want to enroll in Medicare Parts A and B via online at www.socialsecurity.gov/medicareonly. Those working full-time with true company benefits or are covered under their spouse’s benefits could delay enrolling in Medicare Parts A and B until they finally retire or happen to be laid off from their current employment. However, some may find the cost of Medicare and insurance less expensive.
Spoiler alert, Medicare is NOT free. Medicare covers a bunch and there is a cost associated with Medicare Parts A and B. You have been paying tax dollars for Medicare and the premium for Part A is at no cost. Medicare Part B requires a premium that is dependent on how much you have earned for that year.
Learn about Medicare’s alphabet soup, parts A, B, C & D. Medicare Parts A and B cover hospital, medical and provider expenses. Medicare Part C known as Medicare Advantage is another way of receiving your Medicare benefits. Part D is Medicare Prescription Drug plans that can be enrolled as a stand-alone plan with a Medicare Supplement with Original Medicare or bundled in a Medicare Advantage plan.
Medicare covers quite a bit. Medicare Part A covers in-patient hospital, skilled nursing facility care, home health, and hospice care. Medicare Part B covers physicians’ services, outpatient surgery/services, lab/X-rays, MRIs, durable medical equipment and preventative services, etc.
However, Medicare will not cover everything. Medical services not covered are vision, hearing, or dental expenses as well as Long Term Care.
There are no Networks with Original Medicare and Medicare Supplement/Medigap plans. Your healthcare profession or facility bills Medicare directly.
Medicare also serves some people Under 65. Those under 65 served are either on Social Security Disability or ESRD (end-stage renal disease) and qualify when they meet Medicare’s requirements.
Medicare Advantage (Part C of Medicare) could be a good option. Know that you can choose between Original Medicare (Parts A & B) or Medicare Advantage plans offered by private insurance companies. They can be found in several forms like HMO’s and PPO’s, some with premiums costing as little as 0 dollars.
Make the most out of your Medicare. Schedule all your important screenings, wellness visits, and preventative care.
Photo by T Leish
