Medicare is one of the most popular health insurance policies for people above age 65 in the United States. You become eligible to sign up for Medicare 3 months before your sixty-fifth birthday. Unfortunately, the older you get, the more you have to pay attention to your body and your health.
Medicare is one of the best ways to enjoy retirement without worrying about overwhelming health bills. The program accounted for 20 percent of the country's health spending; that let's you know a lot of people benefit from Medicare, and you can too. With Medicare, you may never have to worry about paying for doctor's visits, hospice care, hospital admissions, special home care and preventive services. The program is one of the most popular services provided by the U.S. government. Elder support is essential for the quality of life in most Western countries and many Americans count on Medicare as they plan for retirement.
Before you turn 65, it's important to prepare and learn what it takes to enjoy the benefits of Medicare. To be eligible for Medicare, you have to;
- Be age 65 or older
- Be a part of the disabled community and receive disability benefits for at least two years.
- Have ESRD (End stage renal disease) that needs frequent dialysis or kidney transplant.
- Be suffering from Lou Gehrig's disease.
There are different Medicare levels, and you can access them based on where you worked, your tax payment history and the kind of illness or disability you have. Also, if you or your partner are eligible for Social Security payments, you are eligible for Medicare Part A. That means you or your spouse must have paid payroll taxes for over ten years. You do not have to pay a premium if you're eligible for Medicare Part A.
Medicare Part A Eligibility and Covering
Medicare A Is also known as original Medicare, and the eligibility remains the same as we have mentioned above. Some people qualify for premium-free Medicare, while others don't. It all depends on your earnings and that of your spouse or parent.
To receive premium-free Medicare, you must have a specific number of QCs (Quarters of coverage). You also have to submit a Social Security benefits application. Medicare A covers Skilled Nursing Facility stays, hospice care and hospital admissions. In addition, Medicare A benefits extended inpatient stays and coinsurances.
Medicare Part B Eligibility and Covering
Certain health conditions and disabilities qualify you for Medicare B even before you hit 65 years of age. For example, Medicare Part B covers outpatient services and doctors' home visits. But most of them are subject to specific deductibles and 20 percent co-insurance. However, this doesn't apply when it involves annual preventive services checkups like prostate cancer screening or mammography.
Medicare Part C Eligibility and Covering
Medicare Part C is also called the Medicare Advantage Program. This is more like a private health plan than a public one. As a beneficiary of Medicare Part C, you'll have to enroll in a PPO (preferred provider organization) or HMO (health maintenance organization). If you're enrolled in this plan, you will receive all the benefits of Medicare Part A and Medicare part B.
Most times, people covered under this plan also receive Medicare part D benefits. The Medicare Advantage program has grown in popularity over the years. As of 2019, 20 million people were enjoying the benefits of Medicare Advantage. That is 30 percent of the Medicare population.
Medicare Part D Eligibility and Covering
Medicare Part D covers almost the same as Medicare Part C. It also takes advantage of private plans through contracting. In addition, it covers outpatient prescription drugs and Prescription drug coverage. This is especially beneficial for those who use expensive drugs.
If you earn a low income or possess small forms of assets, you qualify for additional financial assistance. With Medicare Part D, you have to pay a monthly premium and share the costs of the prescription drug. One in four people enrolled in Medicare Part D receives the extra low-income financial subsidy.
So, there you have it! If you or anyone you know wants to enroll in Medicare, this is everything you need to know.
Useful Links:
How do I sign up for Medicare?
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