The 5 W’s of Medicare
If you are receiving Social Security benefits or are close to your 65th birthday, chances are you have been seeing A LOT about Medicare. Swisher Insurance is here for guidance, so we created this to give you more background information about Medicare to help you understand exactly what you are getting.
We have answered the 5 W’s of Medicare – Who, What, When, Where, and Why – and for good measure decided to throw in How.
What is Medicare?
Medicare is a national health insurance program! This is not to be confused with Medicaid, as it is not a welfare program. Income is not a factor in eligibility or cost, and it has similar rates from state to state.
Who is eligible for Medicare?
Any Social Security recipients over 65 are eligible to enroll in Medicare! There are also cases where Social Security recipients who are permanently disabled, receiving railroad retirement benefits, or are living with end stage renal disease are eligible.
How does Medicare work?
With a Medicare plan, the coverage will pay a portion of the cost of medical care. There are different “parts” of Medicare to cover certain services.
Medicare Part A – Hospital Insurance: This covers inpatient hospital stays, care in a skilled nursing facility, hospice care, and some home health care.
Medicare Part B – Medical Insurance: This covers certain doctors’ services, outpatient care, medical supplies, and preventative services.
Medicare Part D – Prescription Drug Coverage: This helps cover the cost of prescription drugs, including many recommended shots or vaccines.
When is enrollment for Medicare?
There is something called the “Initial Enrollment Period”, defined as the three months before and the three months after turning 65. During this time, enrollment is available and result in coverage starting within that window – the exact date depends on which month an individual enrolls in. Signing up for Part B during this time also allows you to avoid a fee for later enrollment.
Miss the Initial Enrollment Period? Don’t worry! There is also a “General Enrollment Period” in the first three months of the year for those interested in Part B of Medicare. For anyone who would like to enroll in Part A of Medicare, this is available throughout the year in most cases.
During these enrollment periods, you are also able to change your coverage if you have already enrolled in Medicare and are interested in different benefits.
If you are unsure about your eligibility, just give us a call! We can help you figure it out with no obligation or cost.
Where do you enroll for Medicare?
If you already are receiving benefits from Social Security or the Railroad Retirement Board, then you are automatically enrolled in Medicare. If this does not apply to you, then you can visit the Social Security website here: www.socialsecurity.gov.
Why is it a good idea to review Medicare plan benefits?
The healthcare world is constantly changing, and by reviewing your premiums, medications, co-pays, and deductibles you can save money! This also ensures that you are receiving all of the benefits that you are entitled to.
Whether you are just starting the enrollment process, or are already enrolled and just would like to see if there are any new benefits that you are eligible for, we are here to help and guide you through the process! Give us a call today at 502-340-1200 to get started, or visit our interest form here.
Sources:
www.medicare.gov