5 Things You Need to know About Medicare
Medicare can be a great option for those who can qualify. It is a more affordable choice for those who qualify and can’t afford more costly insurance plans either independently, or through their job. Yet, there are several factors to keep in mind before signing up for a Medicare insurance plan. Let the team at Bravos Insurance help you through the process!
Important Information about Medicare Coverage
Eligibility requirements – In order to qualify for Medicare coverage, you must be 65 or older, have a qualifying disability, or be eligible through another special situation. You also must be a United States citizen for at least 5 consecutive years.
Medicare plan options – There are two main options when it comes to Medicare coverage: original Medicare or Medicare advantage plan. Original Medicare has part A and part B, while the Medicare advantage plan includes part C. However, there are a few other options available such as part d, which includes prescription drug coverage, and supplemental coverage.
When to sign up – You are eligible to sign up for Medicare three months before you turn 65, during your birthday month, and three months after. If you do not sign up within this seven month period, you will have another opportunity between January 1 and March 31 at the beginning of each year but you may have to pay higher premiums for late enrollment. Medicare part B premiums increase 10 percent for each year that you were eligible for Medicare, but did not enroll.
What Medicare doesn’t cover – There are a variety of services that Medicare does not cover, including routine dental and eye exams, dentures, and hearing aids. Medicare will also not cover extensive or long term stays and care in nursing homes or assisted living facilities. You may still have to pay some of your copays, deductibles, and coinsurances out of pocket.
Supplemental insurance – If you need more help covering your medical expenses outside of what Medicare will cover, you have the option of supplemental insurance. These plans are offered through private insurance companies and will be an additional premium payment alongside your Medicare premiums. It is best to buy supplemental insurance the six month open enrollment period that begins when you turn 65.
Medicare with Bravos Insurance
Medicare coverage can be confusing, and it can be difficult to decide which plan will work best with your health care needs and budget. If you have any more questions or need more information about Medicare insurance plans, please contact us today!