Last Updated on May 13, 2022 by
Are you approaching age 65? Are you thinking about enrolling in Medicare?
If you are over age 65 or have a disability, you can get free coverage through Medicare part A and pay a low monthly fee for part B. It’s also possible to add additional coverage if you wish. Consult your Local Medicare Agent to help you choose the best plan that benefits you on the long run.
Yet what is Medicare Part A, and how is it different from other Medicare options?
Let’s take a look.
What is Medicare Part A?
You won’t need to pay a fee for Medicare Part A, which is generally known as hospital insurance. It’s free as long as you’re eligible for retirement benefits through Social Security, or if you or your spouse had Medicare-covered government employment.
You can sign up for Medicare three months before your 65th birthday until three months after you turn 65. If you miss this initial enrollment period, you can sign up during the Medicare general enrollment period.
Medicare Part A covers things like care during hospital stays, skilled nursing facility care, and home health care. Hospice, surgery, and lab tests may also be covered. To find out if Part A will cover all of the services and supplies you need, talk to your primary care physician.
What is Medicare Part B?
Medicare Part B is another basic part of the plan. It covers things like preventative services and medically necessary doctor visits. It also covers things like ambulance services, clinical research, and durable medical equipment.
The standard monthly premium for Medicare Part B is $148.50 as of 2021. If you make a higher-than-average income, your monthly premiums will be higher.
You can sign up for Medicare Part B at the same time you sign up for Part A. The exact coverage will depend upon federal and state laws.
What Are Medicare Advantage and Medigap?
Medicare Advantage provides all Part A and Part B benefits along with additional coverage. Your exact coverage will depend upon the type of Advantage plan you choose. Advantage Plans are offered by Medicare-approved private companies that are required to follow the rules set by Medicare.
Medicare Advantage plans could cover prescription drugs, transportation to health-related services, or emergency care outside of the country. Depending on your medical needs, it could end up saving you money in the long run.
Unlike Advantage Plans, Medigap policies are designed to fill in the gaps left by Medicare Parts A and B. They may cover things like deductibles, copays, or healthcare costs during foreign travel.
Deciding on the right coverage for you will depend upon your unique medical needs. It’s important to talk to your doctor and carefully consider all of your options before making a final decision.
Medicare and You
If you’re approaching age 65, it’s time to think about Medicare Part A, Medicare Part B, and supplementary plans as well as how they will cover your medical needs in the future. With a little homework, you’ll be on your way to your healthy golden years in no time.
Read More: What Are The Steps For Getting Medicare Affordable Health Insurance?
Don’t stop getting smart about your health and lifestyle now. For more great advice, read our blog today.