If you are nearing retirement, your health insurance will fast become one of the most important things in your life. However, if you are an American citizen and are due for a retirement, you might want to examine and be familiar with Medicare. Just for general information, Medicare is a government administered health program which covers seniors 65 years and above. Both employed and self-employed American citizens prior to retirement qualify for this program.
As general requirements, a person must be legally living in America for 5 years before he or she qualifies for Medicare, and of course, should be 65 years and above.
HOW TO GET STARTED:
First things first, have you got social security benefits? If yes, then you don’t need to do anything as you will be automatically enrolled to Medicare the month you turn 65. Your Medicare card will be mailed to your registered address months before your 65th birthday. However, if you are not getting social security benefits but would like to apply for one as well, you can enroll yourself for both at the same time. Do note that you have to do this three months prior to your 65th birthday. This will start your 7 month initial enrollment period.
MEDICARE PARTS:
Currently there are 4 parts: Part A being hospital insurance, Part B is the medical insurance, Part C is Medicare Advantage Plans and Part D will be Prescription Drug plans. It is possible to have and use two Medicare Parts if a senior is eligible.
WHAT ARE THE BENEFITS?
Depending on the Medicare Part you’re currently using or about to use:
• Medicare covers outpatient services
• Lowers out-of-pocket hospital cost
• Covers preventive care such as vaccinations, bone mass measurement and mammograms
• Covers ambulance transportation for emergency situations
• Pays for rehabilitation programs
• ..and many more. (for complete list of what Medicare covers, download here.)
QUICK NOTE:
Medicare can be confusing. That is why it is best if you seek help from a professional to determine what’s best for you. To know more about Medicare, visit their website http://www.medicare.gov/default.aspx
