So you’re approaching retirement age, understanding Medicare is super important. It’s like your ticket to accessing healthcare services without breaking the bank. But there are some things you need to know about your rights, obligations, and even potential penalties if you don’t play by the rules, especially when it comes to Part A and Part B coverage. Even if your still working and have credible insurance through work you must still apply for part A
Medicare Part A: Hospital Insurance
Part A. This part mainly covers things like hospital stays, skilled nursing facility care, hospice care, and some home health care services. Here’s the lowdown:
Your Rights:
– You’re pretty much guaranteed coverage if you or your spouse paid Medicare taxes while working for at least 10 years.
– If you need to stay in the hospital, Medicare’s got your back. But watch out for the deductions.
– Same goes for skilled nursing facility care and hospice care if you’re facing a terminal illness.
Your Responsibilities:
– Most folks don’t pay premiums for Part A, but if you didn’t work enough quarters, you might have to.
– And don’t forget about deductibles and coinsurance. You’ll be chipping in for those too.
Watch Out for Penalties:
– If you wait too long to sign up for Part A and you’re not eligible for any special enrollment period, you could end up paying higher premiums later. Ouch!
Medicare Part B: Medical Insurance
Part B. This covers stuff like doctor visits, preventive services, medical equipment, and more. Here’s what you need to know:
Your Rights:
– You can choose your own healthcare providers, if they accept Medicare.
– Lots of preventive services are covered at no extra cost to you.
– If you need medical equipment like wheelchairs or walkers, Part B has you covered.
– And hey, if you’re unsure about a treatment, you can always seek a second opinion.
Your Responsibilities:
– Unlike Part A, most people do pay a monthly premium for Part B.
– And yep, there are deductibles and coinsurance to keep in mind too.
Don’t Forget About Penalties:
– Just like with Part A, waiting too long to sign up for Part B can result in higher premiums down the line. Nobody wants that!
Understanding your rights and responsibilities with Medicare is key to making smart decisions about your healthcare. So, be sure to enroll when you’re eligible, pay attention to any costs you might be responsible for, and avoid those pesky penalties by signing up on time. Your health and your wallet will be thankful to you!
You may choose to set this up yourself or contact a consultant to do the hard work for you and set up the exact right plan for you, and the best part is it’s FREE to you.
fill out the short form to schedule your free consultation
90 Days until 65
what you can expect is an absolute bombardment of phone calls and mailers
To combat that simply tell whoever is on the phone you have already signed up and have an excellent agent and please stop calling and remove my name from the call list.