| The Four Parts For Understanding Your Medicare Coverage And Options |
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| Written by Derrick Johnson |
| Sunday, 29 August 2010 19:11 |
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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.
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 Most people will receive part A when they retire at the age of 65. This usually does not require any premium payments. If you have paid in a reasonable amount, you should qualify. If your spouse has paid in, you should also qualify. However, some people may not qualify. They still may be able to purchase part A. This covers hospital stays. It also extends to places like nursing facilities. It will also pay for home health care and hospice services. 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. Doctor visits and part B Part B covers doctor visits. It also pays for a number of outpatient procedures. It will pay for certain preventative services. This allows you to get flu shots for no charge. Part B usually requires a monthly premium payment. It can be automatically deducted from your Social Security check. There is a standard premium amount. If you make very little money, you may receive help with your premium payments. Part C Part C is about Advantage Plans. You have the option to join a plan such as an HMO or PPO. This is an option to parts A and B. You may receive a great deal more benefits this way. However, you will be limited on your choice of doctors and health care facilities. You may have prescription coverage this way. It may also carry much lower deductible amounts. You may join some of these plans for no additional payments, each month. You will still have to pay your part B premiums. There are some plans that require additional premiums. However, you will receive added benefits for your money. You may also receive lower deductible amounts. Drugs and 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. Summary 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. DISCLAIMER: This article is provided as information only and is not to be taken as financial advice. Finding it difficult to comprehend your Medicare Coverage ? Get the exclusive low down on Medicare Supplement instantly in our Medicare Benefits review. |