VelaPoint Insurance: Health Matters   /   Is Medicare on Your Mind?

Is Medicare on Your Mind?

A milestone birthday—your 65th—is just around the corner. That means it’s time to start thinking about enrolling in Medicare, the federal health insurance program for older Americans.

      

Medicare eligibility age always seemed like something too distant to contemplate, but now that it’s finally approaching, you might be wondering how to begin the sign-up process.

First, look at the calendar. You have a seven-month window to enroll beginning three months before the month you turn 65 and ending three months after your birthday month.

Next, pick your plan. Parts A and B—known as original Medicare—are the cornerstones of the program. Part A includes coverage of hospital, hospice and home health services, and Part B covers surgeries, outpatient medical care and medical supplies. Many people pay a premium for Part B, but not Part A.

Medicare Advantage plans are Parts A and B coverage provided by private insurers that typically feature a network of providers and require both a monthly and a Part B premium.

Finally, check your medications list. If you take several drugs, you might wish to sign up for Part D, or prescription drug coverage, as part of original Medicare or a Medicare Advantage plan. Part D coverage typically carries a fee.

Now that you’ve organized your thoughts and made some key decisions, it’s time to embark on the next chapter of your healthcare journey. Contact the Social Security Administration to enroll in Parts A and B, or use the Medicare website to search for a Medicare Advantage plan in your area.  

Mind the Gaps

If you’ve decided to enroll in original Medicare, you have one more important decision to make: whether or not to purchase coverage that picks up where Medicare leaves off. You are responsible for copayments, coinsurance and deductibles under Medicare, but a supplemental, or Medigap, policy can help defray some of those expenses.

Medigap policies are available through private insurance companies. Policyholders are responsible for monthly premiums for the supplemental plan and Medicare Part B. If you’ve decided to enroll in a Medicare Advantage plan, you can’t purchase a supplemental policy unless you decide to leave the Medicare Advantage plan at a later time. 

Call today for a free insurance consultation with a licensed broker at 855‑652‑3171 or visit www.velapoint.com for more information!

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