Tips for The Average Joe
What You Need to Know About Medicare Coverage
Every American employee have the Medicare tax deducted by their employer as required by the law. There are many people, however, who have no idea of how the tax will come to be of help to them in the future. Since its implementation in 1965, Medicare has seen a lot of changes. However, it remained true to its foundation which is to provide health insurance for the elderly and those with certain disabilities.
To understand better, this is a program that aims to provide health insurance for the aged in the united states once they retire or a declared unfit to continue working. One thing you also need to know is that it is not an automatic program that when you turn 65 it takes effect as you will need to enroll. The other crucial thing to know is that you will need to make monthly premiums even after getting enrolled. Additionally, you will be penalized if you do not enroll within the given timeframe or follow the given rules.
By hitting sixty-five, the first qualification is the part B medical coverage. The part A is the hospital coverage and is usually separate from the part B and has its own costs and coverage through the qualifications are all the same. When you are enrolling for the first time, there is usually a seven month period given to do so. With the first part, you need to start enrolling 3 months before you are sixty-five and the next three when you have already retired. Failure to enroll in that timeframe usually attracts a penalty.
The other thing that follows after the initial enrollment is the Medicare open enrollment that starts in October and ends on December on specified dates. It is during this time that one has a chance to choose a different plan without the need of Medicare Special Enrollment Period. During this period, you will learn of all the available options that you can add on to part B as the page suggests.
It is important to know that you can qualify for Medicare and Medicaid altogether at the same time. If you want to add on to your Medicare advantage joining the dual enrollment program as it is known will mean more health benefit for you. Also, you need to understand that you can get Medicare and continue to work as long as you meet a certain income.
If you happen to qualify for Medicare coverage, it is important to speak to a qualified representative to help you get a better understanding of the plan that suits you.