What You Need to Know About Medicare Coverage
For all those who have worked in the US, the Medicare tax is one of the deductions that you ever have seen in your salary. However, there are people who have no idea of how this Medicare tax is of importance. It is important therefore to understand that Medicare tax works to provide health insurance for the aged who qualify for the same. Though there has been a lot of evolution as far as Medicare coverage it’s concerned, it has remained true to its foundation which is to provide insurance to the old and those with certain disabilities.
The Medicare program works in such a way that when you retire or determined to no longer be physically fit to work, it provides you with the health insurance you need. One thing you also need to know is that it is not an automatic program that when you turn 65 it takes effect as you will need to enroll. It does not stop at that as you will be required to ensure that you remit monthly premiums so as to enjoy the benefits. Another thing is that there is a penalty when you enroll late than it is scheduled hence the need to be time conscious.
It is crucial to know that when you have retired or be determined disabled, you first qualify for Medicare Part B or the medical coverage. It is important to know that the Medicare Part A is different from Part Band has its own coverage and premiums although the qualifications are similar. The enrollment to the program usually takes a period of 7 good months. With the first part, you need to start enrolling 3 months before you are sixty-five and the next three when you have already retired. Failure to enroll in that timeframe usually attracts a penalty.
The other thing that follows after the initial enrollment is the Medicare open enrollment that starts in October and ends on December on specified dates. It is during this time that one has a chance to choose a different plan without the need of Medicare Special Enrollment Period. You can decide whether you want a separate Part A, B and D plan which includes drug medication coverage or and an all-inclusive Medicare Advantage Plan.
When you have qualified for Medicare, it is also important to know that you are also eligible to the Medicaid program too. If you want to add on to your Medicare advantage joining the dual enrollment program as it is known will mean more health benefit for you. Retiring and getting a Medicare cover does not mean that you cannot continue working as the program allows that but with the exemption that you will make a given income as the website states.
Getting a knowledgeable representative is advisable before you make a decision to choose a plan.