Medicare is a health program that was created to provide affordable healthcare for seniors. Medicare is divided into various parts, with each part covering different costs associated with your healthcare.
If you will be turning 65, it’s important to note that you will become eligible to enroll in Medicare three months before you actually turn 65. This period is known as the Initial Enrollment Period and ends three months after your 65th birthday.
There are many reasons why it is important to enroll in Medicare, and as experts in the Medicare field, we are here to share those reasons with you.
Variety of Coverage Options
Medicare is an easily accessible health insurance option for people turning 65, and for people under 65 in certain cases. Medicare helps to cover important healthcare costs that many people may find hard to cover out-of-pocket. As long as you meet the eligibility requirements, you can enroll in Medicare and get coverage for your healthcare needs. For example, under Original Medicare (Part A and B), you can get healthcare services from any approved provider or facility that accepts Medicare.
Medicare Part A covers inpatient hospital services, hospice care, skilled nursing facility care, home healthcare services, and other services. Medicare Part B covers outpatient hospital services such as preventive services, diagnostic tests, ambulance rides, durable medical equipment, and more. If you want extra coverage, then you can choose a Medicare Supplement plan. Medicare Supplement plans can help to pay for certain out-of-pocket costs leftover from Original Medicare, like deductibles or copayments.
Medicare Advantage plans (Part C) combine coverage from Medicare Part A and Part B. In fact, many Medicare Advantage plans also offer coverage for prescription medications and other services such as dental, vision, and hearing.
Medicare Part D offers prescription drug coverage. Each Part D plan has a formulary containing the list of prescription drugs covered by the plan.
As you can see, Medicare has various parts that can provide you with much-needed coverage. Even if you do not have many healthcare needs at the moment, enrolling in Medicare as soon as you become eligible can benefit you later on and can serve as a financial cushion in case of medical emergencies.
Medicare Enrollment
If you are eligible for Medicare, there are certain periods when you can enroll in the program. The first enrollment period, as mentioned before, is the Initial Enrollment Period. This period starts three months before you turn 65 and ends three months after your 65th birthday. We always recommend that you enroll during this period as soon as you become eligible. This is because delaying your enrollment could mean you don’t get coverage as soon as you may like, and you could have late enrollment penalties.
But, even if you delayed your enrollment, you can still enroll in Original Medicare during the General Enrollment Period, which takes place from January 1 to March 31. Unfortunately, enrolling in this period will delay your coverage until July 1 and subject you to late enrollment penalties. However, there are some conditions that may qualify you for a Special Enrollment Period, which would keep you from having to pay those penalties.
If you live in areas like Tallahassee, Pace, and Pensacola in Florida, or if you live in Dothan or Enterprise in Alabama, you can benefit from enrolling in Medicare because of the vast coverage options and enrollment periods that could keep you from paying penalties. For more information about Medicare plans throughout these areas, contact us today at 334-441-3905.