Four Parts In Understanding Your Medicare Coverage And Benefits
You may be retiring soon. If you are close to 65, understanding your Medicare coverage is important. This also concerns people that are applying for a disability pension. Here are the four parts to look at.
Hospitals and part A
Part A will pay for your hospital stays. It also pays for nursing care facilities. It will cover home health care and hospice, too. Most people will not pay extra money for part A. They will receive it at age 65. You may not have paid in enough over the years, to qualify. If your spouse has paid in, this will cover you. If not, you may be able to purchase part A.
Some people will receive part A coverage without signing up. Some will need to. If you currently do not receive it, you need to sign up three months before your sixty fifth birthday. This is part of the original enrollment period.
Part B
When you see your doctor, part B pays part of the charges. It is also covers many different outpatient procedures. There are some preventative services also covered. If you have part B you will not have to pay for annual flu shots. There is a premium payment for part B. The standard amount is taken from your Social Security check, every month. If you have a low income, you may receive assistance with the premium.
Advantage plans and part C
With part C, you have the option to join an HMO or PPO plan. If so, you will change your coverage from parts A and B to the other plan. These plans usually offer more benefits and lower deductibles. You will have to select doctors and facilities that are on a specific list. These plans often offer the benefits of prescription drug payments.
You may not have to pay any additional premiums for these added benefits. You will still pay your part B premiums. You may opt for packages that have additional benefits. They may require an additional premium.
Part D
If you sign up for part D, you will have help with your prescription drugs. This is a very important option with a separate premium. Many prescriptions are very expensive. They also may be necessary. In some cases, elderly people may have to choose between food and prescription medication. This program is aimed at avoiding these things.
Conclusion
Understanding your Medicare coverage will help you make the best health care decisions. It is important to know about all four parts. Part A will help pay hospital stay expenses. Part B will pay for doctor visits and flu shots. Part C gives you HMO and PPO options. If you wish to pay for part D, you will have prescription drug benefits.
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