Are you ready to apply for Medicare? The process can be confusing and you might be wondering what plan is best for you. Use this guide to make sense of it all and make the best choice for your situation.
Are you daydreaming about spending your days traveling to a new country, with grandchildren, or picking up a new hobby? If so, you might be fastly approaching retirement and the period where you need to plan for your later years.
Staying healthy will allow you to enjoy your golden years, but coverage after retirement can be confusing. One option is Medicare, which around 15% of Americans utilize.
Ready to make sure you have everything in order to apply for Medicare? Keep reading for a complete Medicare guide that will give you the knowledge you need.
Medicare is an insurance program for people 65 and older that was created by the federal government. President Lyndon B. Johnson signed it in 1965 in order to assist older Americans afford medical needs.
Medicaid, sometimes confused with Medicare, was also created at this time. This was designed to assist low-income people.
While initially just for older Americans, over time, Medicare has expanded to cover additional groups. This includes anyone with disabilities.
To understand Medicare, the multiple parts are discussed below.
Medicare Guide: Part A and B
These two parts are called traditional or original Medicare. Part A will be what you use to cover any hospital bills. Coverage for this is typically paid for through taxes you paid while working.
Part B covers doctor visits and certain screening procedures like cancer and heart disease screens.
These are likely the two parts you will rely on most of all. Medicare typically covers around 80% of the costs, so be mindful that you will still likely have a small bill.
This component of Medicare is sometimes called Medicare Advantage plans. These are plans from private insurance providers, but approved by Medicare.
Part C plans provide people alternatives to traditional Part A and B Medicare plans. As such, they cover costs associated with doctor visits and hospitals. What is great is that Part C also covers prescription medications.
To enroll in Part C, you must first participate or in Part A and B.
One of the last components of understanding Medicare is Part D. These plans are approved by Medicare like Part C, but are used to help people with Parts A and B.
While Medicare covers many medical needs you may require later, it doesn’t cover everything.
For example, regular dental and vision check-ups often are not covered.
Insurance groups like O’Neal Insurance Group will offer all plan parts and further assistance in navigating the system. It may seem overwhelming at first, but when looked at in parts, it is much clearer.
Make an Informed Medicare Decision
Now after reviewing this Medicare guide, you should have all the information you need to easily navigate the process of applying for Medicare.
By using the information in this guide, you will make sure all your important medical needs will be covered as you age.
If you want to ensure you can enjoy a happy retirement, be sure to check out these simple tips to improve your lifestyle and health.