As much as possible you want to prepare for the dark days ahead. The good thing is that you can consider virginia medicare plans. Medicare is a government program that provides health care coverage for people over 65 years old. Medicare can also be availed by people below 65 years old receiving SSDI (Social Security Disability Insurance) or ESRD (End-Stage Renal Disease). It is overseen by CMS (Centers for Medicare & Medicaid Services), a federal agency.
Medicare is funded partly by taxes (Social Security and Medicare) you pay, premiums that you contribute and the federal budget. There are different parts of Medicare. With this, it is crucial that you understand basic parts so you can make an informed decision at the end of the day. Remember that your decision can affect your out-of-pocket costs in the future.
You have to know that there are two ways to get your Medicare coverage – Original Medicare and Medicare Advantage Plan. Now, there are different parts of these and it will determine specific services you can avail in the future. Here are the different parts:
Original Medicare Part A
This is also known as the Hospital Insurance. This insurance will cover most medical hospitals, skilled nursing facility, hospice care and even home health. You will have a premium if you paid at least forty calendar quarters (about ten years) of Social Security taxes. If you have worked and paid your taxes less than forty calendar quarters, you need to pay a monthly premium.
Original Medicare Part B
This is also known as the Medical Insurance. This insurance will cover 80% of doctor’s services, medical equipment, preventive care, outpatient services, ambulance service, some home health services, laboratory tests, and mental health care. For this coverage, you need to pay a monthly premium.
Medicare Advantage Plan Part C
You have to know that Part C is a policy that will allow private health insurance companies to provide Medicare benefits. There are many Medicare Advantage plans that are available. In addition to your Part B premium, you will pay a monthly premium. Part C offers the same benefits under Part A and B but with different cost, rules and restrictions.
Medicare Outpatient Prescription Drug Insurance Part D
Part D is only provided by private insurance that has government contracts. For this, you need to pay a monthly premium together with the cost of your prescription. This will depend on the formulary.
After learning about the different parts of Medicare, the next thing that you should do is to find out when you can get Medicare. Some may get it automatically while others need to apply for it. Regardless, the first time you can enroll is called the Initial Enrollment Period.
The Initial Enrollment Period is usually seven months – 3 months before you turn 65, the month you turn 65 and 3 months after you turn 65. It is important that you enroll when you are first eligible otherwise you will pay a late enrollment pay. You can consider your local SHIP (State Health Insurance Assistance Program) to help you.