Things You Need to Know About Medicare

Despite the fact that Medicare was introduced back in 1965, not too many people know a lot about it. It is actually a vast program with plenty of confusing options and rules. So, there are plenty of things regarding Medicare that you will probably be surprised to learn.

1. You need to choose. Medicare in its traditional sense is not the only option you have. You may choose it for hospital care and to gain access to any doctor or hospital in the country that accepts Medicare, or you could choose the Medicare Advantage option that can be purchased from private insurers.
   
   If you will go with the simple Medicate Parts A and B, you will also need to pick a Part D plan in case you need to cover prescription drugs too. You will also want to buy a supplemental policy that is referred to as a Medigap plan. It may aid you with different out-of-pocket prices, including deductibles. A number of Medigrap plans will also have a certain maximum that means there is an annual limit to anything you will have to pay.
   
   If you choose the Medicare Advantage plan, you will get drug prescription coverage and you will not need a separate Plan D option. It will also deliver additional coverage, but you will be limited to the things that the insurer is providing and it could cost a whole lot more. Should you choose the Medicare Advantage option, you will be unable to purchase the supplemental Medigap plan. 


2. There are a number of parts to it. Unlike the health insurance you may have had so far, the Medicare plan is not like one-stop shopping. Along with the Medicare as well as the Medicare Advantage plan, you may well need to sign up with the Medicare part B as well as part D – these will cover medical care as well as the prescription drugs – otherwise you risk having to pay a large penalty later on. In addition, you may require a supplemental plan for additional coverage or in order to help you pay for any out-of-pocket expenses. 


3. It may well be more expensive than you thought. When it comes to the traditional Medicare plan, there is no maximum out-of-pocket expenses. Hence, if you suffer from a serious health problem, there is no threshold to how much you will need to spend for co-insurance, which is basically a percentage of the medical charges that become your own responsibility. Furthermore, Medicare Part D is for the prescription drugs, and it has catastrophic limits. This implies that once you have spent a certain amount of out-of-pocket money, the catastrophic coverage will kick in as you will have to pay 5% of the cost of any prescription drugs over that amount. If you will take a drug that costs a lot, this could add up. The cost gap may be covered through different supplemental policies. 


4. Should you delay, you will probably pay. You have seven months to sign up with Medicare. This time begins three months before you turn 65, the month of your birthday as well as three months after the birthday. Should you not sign up for the Medicare or Medicare Advantage plan during the open enrollment period, you will have to pay a penalty for enrolling later than required. The penalty will occur every single month you have Medicare for. The penalty will not be applied if you have coverage through your job, though some employers want you to sign up for Medicare, you will need to check with the HR department before you reach 65. 


5. You cannot always get a Medigap option. Should you sign up for the original Medicare plan, a Medigap policy will act as additional insurance. It will pay some of the costs that Medicare will not, including co-payments and deductibles. During the Medigap open enrollment period, you can purchase any kind of Medigap policy that is currently available to you, without considering your health condition. Yet, after that, you will be unable to receive this, which is a huge disadvantage if something serious happens and you will need expensive services. Should you choose a Medicare Advantage option rather than the original Medicare, but decided that you are not happy with it, you can leave the program within the first 12 months in order to join or return to the original Medicare


6. Vision and dental coverage are limited. Medicare does not cover the vast majority of dental care, unless you are getting dental services or perhaps have an immediate emergency with your teeth while you are in a hospital. Furthermore, it does not cover eye examinations related to prescription glasses. Yet, it does cover examinations for certain issues, including macular degeneration as well as glaucoma. You should ask your dentist prior any procedure to make sure your Medicare can cover the certain procedure.

If you need more information about Medicare coverage, please call our dental office or contact us using online contact form.