If you’ve recently turned 65—first of all, happy belated birthday! Now that you’ve reached this milestone, you’re probably curious about Medicare. It’s something you’ve heard about, but now that you’re eligible...what exactly do you need to do? Read on for all the ins and outs of Medicare.
What is Medicare?
Medicare is the federal health insurance program available for Americans over 65. The two main options are Original Medicare (Parts A & B) and Medicare Advantage (Part C). Part A is hospital insurance. Part B is medical insurance. Medicare Advantage plans are offered through private insurance companies, and often contain additional benefits beyond Parts A & B. Medicare Part D covers prescriptions; it can be added to Parts A or B, and is often covered as part of Medicare Advantage.
Who is eligible for Medicare?
- People 65 and older
- Certain disabled people under 65
- People with End-Stage Renal Disease (ESRD)
How much does it cost?
That depends. Below are common situations and the associated Medicare costs.
- Part A: Most people pay no monthly premium for Part A. You will get premium-free coverage if you already get Social Security benefits, are eligible for Social Security but haven’t yet filed for it, or if you or your spouse had Medicare-covered government employment.
- If you don’t qualify for premium-free Part A, you will pay either $259 or $471 each month. The amount depends on how long you or your spouse worked and paid Medicare taxes.
- Part B: Depending on your income, Part B costs between $148.50 and $504.90 per month. Click here to find out the monthly rate for your income level.
- You will pay a yearly deductible of $203.
- After that deductible is met, most people pay 20% of Medicare-approved amounts for most doctors’ services.
- You may qualify for additional financial help if you have a limited income. Visit this link to learn more.
What does Medicare cover?
- Part A covers: Inpatient hospital care, skilled nursing facility care, hospice, lab tests, surgery, home health care.
- Part B covers: Medically necessary services, preventive services
- Medicare does NOT cover: Long-term/custodial care, most dental care, prescription-related eye exams, dentures, cosmetic surgery, acupuncture, hearing aids/exams, routine foot care.
- Click here to see if a specific item, test, or service is covered.
How do I sign up?
- Enrollment period lasts 7 months, starting three months before you turn 65 and ending 3 months after.
- Create an online Medicare account at medicare.gov.
- Click here to compare Medicare plans.
- Open enrollment from October 15-December 7th lets you join, switch, or drop a plan.
This is overwhelming! How do I get help?
We get it; signing up for insurance is overwhelming. Luckily, you have multiple support options.
- Call 1-800-MEDICARE, a toll-free helpline available 24 hours a day, every day.
- Designate a trusted person to talk to Medicare on your behalf. Fill out this authorization form to grant a caretaker or family member access to your personal health information.
- Check out this detailed Medicare Handbook.
Medicare is a bit complicated, but you have resources and support at your disposal. Here at DocRoad, we accept Medicare and are standing by to start treating you. Give us a call today.
