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Medicare Overview

Medicare overview. Complete Medicare Resource Center here:

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A Basic Medicare Overview with 6 Points You Need to Know

Most Americans who work and contribute taxes through payroll can sign up for Medicare when they are of age or meet specific qualifications. People can enroll prior to their 65th birthday or during a specified enrollment period during the year. A Medicare overview for those interested in coverage should include understanding plan options based on personal health and income. The following points offer insight on what happens upon obtaining coverage.

1. Signing up for coverage can be done during the enrollment period of January 1 through March 1. You can sign up within 3 months of turning 65. There is a 7 month window that includes the month you turn 65 in which you can sign up without incurring a penalty. Consider planning your signup in advance to avoid penalty.

2. Part A and Part B coverage has coinsurance, deductibles, premium payments, and other out-of-pocket costs. You may qualify for free premium payments under Part A. Premium payments for Part B are paid monthly. Payments for premiums may be between $100 and $200 but this varies each year and it depends on your health needs. You may have to satisfy a deductible payment before Medicare pays for services; this adds up to 20 percent or what is necessary before Medicare makes its payment.

3. Supplemental coverage is an option available to anyone signed up for Part A and B. This is an important option to learn about part of the Medicare overview that is also known as Medigap. It covers costs left behind by Medicare. You will be responsible for paying a premium with this policy but you can save money on medical expenses later. You have to be 65 years old or approaching your 65th birthday to qualify for this policy.

4. Part B may cover specific doctor visits related to outpatient care. But, during initial enrollment you may qualify for a free physical with this coverage as a welcome to enrolling with Medicare. Depending on your coverage option you may qualify for free preventative care due to changes in the Affordable Care Act.

5. You can sign up for prescription drug coverage or Part D. This is another common part of the Medicare overview people have questions about. You can sign up for a plan during the enrollment period from October 15 through December 7. You can choose from a wide range of plans offered by private insurance companies approved by Medicare. There is a late enrollment penalty if you fail to sign up for coverage during the designated period or you didn’t have coverage when you signed up for other Medicare options.

6. Review services and costs not covered by Medicare. Some routine services such as vision and hearing are not covered. Extensive long-term services in an assisted living facility or nursing home are not covered. Hearing aids and dentures are not covered. Yet, Part C or Medicare Advantage offers coverage for routine services and certain types of medical equipment.

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