Key Medicare Facts You Should Know Before Eligibility Time
Posted on: 6 July 2022
Medicare is a widely known insurance plan for those who have reached the age of retirement or beyond. Unfortunately, despite its name recognition, Medicare also comes with a lot of misconceptions that have led people to make costly mistakes. Understanding the truth about Medicare is vital for those who are approaching retirement. Here's a look at some of the things that you need to know about Medicare insurance coverage and the truth that you may be missing.
It's Not Automatic
Some people mistakenly believe that they don't have to do anything to get Medicare coverage when they reach the age of eligibility. Unfortunately, this isn't true. You have to take the steps to actively enroll in Medicare coverage or you don't receive that coverage. It's not an automatic establishment but instead an active election.
You Have To Qualify
Many people don't realize that Medicare isn't guaranteed, either. In order for you to qualify for Medicare coverage, you have to have sufficient work credits over the life of your Social Security career. Your statements from the Social Security Administration make it easy to track your work credits, and you can always call and ask about your eligibility for Medicare when you're approaching your 65th birthday.
Only Part Of It Is Free
Medicare, at its foundation, is free coverage. However, the free coverage is only the basic Medicare benefit, known as Medicare Part A. If you elect Part B benefits, or if you choose any other expanded coverage options, you'll have to pay the associated premiums for those coverage options. Many people choose to add supplement plans to their Medicare coverage for prescriptions and other care solutions. You'll just have to make sure you know what the election periods are so that you can get the coverage you need when needed.
The Premiums Vary By Person
The premiums you pay for Medicare supplements and other coverage will vary by person. You can't expect to pay the same amount for your Medicare coverage that your friend or next-door neighbor may be paying. Instead, your premiums will be based upon your income, work credits, medical history, coverage elections, and other individually specific situations.
These are just a few of the things that you should understand about Medicare coverage before you approach age 65. Talk with a local Medicare supplement provider if you're not sure what other options might be available to help expand your Medicare coverage with supplemental packages.
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