When Do I Need Medicare
There are many people approaching the age of retirement. If you are not aware ‘when do I need Medicare’ then the age of 65 years is the right time for it. At the age of 65, you are eligible to be enrolled with Medicare otherwise you can be penalized. This article will go into the specifics you need to know regarding Medicare.
When Do I Need Medicare
Options of Medicare
While signing up for Medicare you should consider all of its options. Major programs in Medicare may include Part A to cover hospitalization, Part B to cover fees of a physician, Part C to get medical care through various options, Part D to cover prescription medicines. People registered in Part A and Part B can also have additional benefits of Medigap policies.
When to Enroll with Medicare
You can be enrolled in Medicare three months before you become 65 years old and up to 7 months thereafter. But, if you are getting benefits from social security then it will enroll you automatically for Part A and B when you become 65 years old. Otherwise, you can contact the Administration of Social Security department online or on phone call to enroll yourself.
Medicare for Working People
If you are a working person and having a group insurance plan form the union or employee then you are not required to register for Part B of Medicare. If your employer’s plan is not your primary insurer then you must register for Part B to make Medicare as your primary insurer. To cover the uncovered costs of the health insurance plan of your group, you will have to sign up for Medicare Part A.
Importance of Medicare Part B
It is very important to sign up initially for Medicare Part B if you do not have a group health insurance plan from your union or employer. You cannot get benefits of Medicare through other coverage plans as they do not provide facilities of Medicare Part B. Being an active employee you must have health insurance from your employer otherwise register with Part B.
Implications of Not Registering with Part B
You can be penalized or your premium can increase by 10% for every year you have not signed up after becoming eligible for it, if you have not signed up instantly for Part B. You ought to wait for your general enrolment that happens every year between 1st January and 31st March.
Coverage Under Medicare
Medicare covers only half of the cost of your medical bills except copayments, coverage, and deductibles. To cover the balance amount you must buy a Medigap insurance plan from a private insurance service.
Other Medicare Options
You can also join Part C of Medicare if you are enrolled for Part A and B. This plan is known as Medicare Advantage that covers all the benefits of Part A and B along with some additional coverage programs like hearing, vision, general health, and wellness along with dental. To cover the cost of prescription drugs you must enroll for Medicare Part D along with Part A and B.
Conclusion
Thus the information provided in this write-up can help you to know when do I need Medicare. It is essential to register with different plans of Medicare health insurance at the right time otherwise you can be penalized. Most of these plans allow you to take care of your health without burdening your pocket.