Some Things To Know Before You Enroll In Medicare

Are you turning 65 soon and becoming eligible for Medicare? If so, there are some things you need to know before you sign up.

In this post, we'll outline the basics of Medicare and provide some tips on choosing the right plan for you. So read on: your Golden Years are about to get a lot more enjoyable!

1) Medicare Doesn't Cover Everything

One misconception about Medicare is that it covers all healthcare expenses. This isn't true; Medicare only pays for a limited number of services. If you need coverage for something not included in your plan, you'll have to pay out-of-pocket.

That said, Medicare covers most basic health care needs. And there are a variety of supplemental plans available to help cover additional costs. So research your options and pick a plan that meets your needs.

2) There Are Few Enrolment Windows

You have a seven-month initial enrollment period when you become eligible for Medicare. This period starts three months before you turn 65, includes the month you turn 65, and ends three months after you turn 65.

If you don't sign up during your initial enrollment period, you can still enroll later – but there may be penalties. The Medicare program has an annual enrollment period from October 15th to December seventh. And if you're covered by a group health plan based on your current employment, you can switch to Medicare during a particular enrollment period that lasts eight months after your job or coverage ends.

So, mark these dates and plan ahead to avoid missing out on important deadlines.

3) Medicare Advantage Helps Bundle Your Health Care

Medicare Advantage offers an alternative to health care coverage. It's offered through private insurance companies, and it combines Part A, Part B, and usually Part D into one plan. This can help if you require more comprehensive coverage than what traditional Medicare offers.

But before you enroll in a Medicare Advantage plan, be sure to compare the different plans available in your area - because they can vary quite a bit in terms of cost and coverage.

4) Some People Are Enrolled in Medicare Automatically While Others Aren't

If you're receiving Social Security benefits, you'll be automatically enrolled in Medicare when you turn 65.

However, if you're not receiving Social Security benefits – or if you have a disability and are under 65 – you'll need to sign up for Medicare yourself.

Medical emergencies can become easier to handle if you prepare well in advance. At the Buse Group LLC serving Pennsylvania, we understand the importance of making the right choice and can help you make informed decisions.

We provide our clients with personalized financial planning options, so contact us today to learn more about our services and how we can help you choose the right insurance policy for your needs.