Medicare has been in existence since 1965, helping many seniors pay for the bulk of their hospital bills. More recently, Medicare has included preventive care, in addition to curative care, as part of its offered services.
We have provided you with a comprehensive list of 10 things to know about Medicare.
#1. Delaying means paying more
You can sign up for Medicare three months before your 65th birthday. After that, there is an initial registration window of seven months to enroll in either one of Medicare Part A or Medicare Part B. A later enrollment will attract a penalty fee. If your job offers you coverage, then you will not have to pay.
#2. Original Medicare has zero coverage
Do not make the error of assuming that Original Medicare will cover dental, ocular, hearing, and custodial care. Medicare will only party cover certain services, e.g., ambulance service, nursing, residential/home care, and hospitalization. This means that you will have to cover some deductibles and copays yourself.
#3. You will need a supplement healthcare plan
Traditional Medicare has its own limitations, as it does not cover several basic points that your health status requires. To offset this deficit, you should look to register for a Medigap Supplemental Insurance plan. Private insurance practitioners offer this medical plan.
#4. You will have to pay more as a high-income earner
For Medicare Part B and D, you will be required to pay extra if you earn a high-level income. For example, in 2022, people who earn more than $91,000 will be required to pay a premium anywhere between $238.10 and $578.30 monthly.
#5. Medicare now offers some free services
As a beneficiary of Medicare, you will gain access to several preventive care services, all of which are free. The services include visits, cardiovascular screening (every five years), flu shots, mammograms, and prostate, colorectal and cervical cancer screenings.
#6. Medicare is available for telehealth
Before the COVID-19 pandemic, there were restrictions to telehealth services for traditional Medicare. Now patients can consult with different medical professionals over the phone on medical issues.
#7. You can appeal an unfavorable Medicare decision
In a situation where you do not agree with a payment or coverage decision made by the health scheme, it is perfectly legal to appeal. There are five levels to the appeal- you can take it one step further if you are dissatisfied with the results.
#8. Long-term care is not inclusive
Although this may come as a surprise to many, long-term healthcare is not covered by Medicare. If you're looking for one, then you should get one from a private health insurance company.
#9. Don't mix Marketplace plans with Medicare plans
Medicare has some terms and conditions that make it impossible to enjoy the full benefits of your Marketplace plan. Ensure to cancel your Marketplace plan before you enroll for Medicare.
#10. Silver Crest Insurance Can Help you Navigate Medicare
At Silver Crest Insurance, we are dedicated to offering you the best Medicare services for your needs. Talk to us and let’s get you the care you deserve!