here's what new Medicare beneficiaries should know about costs and coverage

What Every New Medicare Beneficiary Should Know

As a new Medicare enrollee, it is important to arm yourself with the necessary information, so as to get the most out of your Medicare coverage. You should know about the terms, costs, coverage options, and different plans. In this article, we have compiled a list of what you should know about Medicare.

The Different Parts of Medicare

As a new enrollee, you should know about the different Medicare parts. Medicare is divided into five parts: A, B, C, D, and Medicare Supplements. Parts A and B are known as Original Medicare and they cover certain hospital and medical costs. Part C is known as Medicare Advantage and it covers the same services as Original Medicare, plus prescription drug coverage and other benefits. Medicare Part D is a standalone prescription drug coverage plan. 

Medicare Supplements help to cover certain expenses left behind from Medicare Part A and B. Also, each part has its own coverage features, costs, and eligibility requirements. The plans serve different purposes and you need to understand them in order to make an informed decision. Original Medicare is provided by the government through the Center for Medicare and Medicaid Services, while Part C and Part D are sold by private insurers.

Eligibility and Enrollment

This an important aspect you should know about. There are specific eligibility requirements and enrollment periods for Medicare. For example, to qualify for Medicare Part A and Part B, you must be 65 or older or must meet other requirements such as receiving Social Security benefits or End-Stage Renal Disease. To enroll in Part C, you must have Original Medicare and must keep paying your Part B premiums. 

There are enrollment periods for Medicare, such as the Initial Enrollment Period, General Enrollment Period, Annual Enrollment Period, and the Special Enrollment Period. These enrollment periods allow you to sign up or switch Medicare plans. Depending on which enrollment period you utilize, you could also be saving yourself from paying late enrollment penalties.

Coverage Options

Each part of Medicare covers various medical services. Part A covers inpatient hospital care, hospice care, skilled nursing facility care, etc., while Part B covers preventive screenings, ER services, durable medical equipment, and other outpatient services. It is important to know the type of coverage to get from each plan, to help you maximize your Medicare enrollment. For example, if you need coverage for prescription drugs, you will need to enroll in Medicare Part D or a Part C plan that offers prescription drug coverage. Also, many Medicare plans will require you to visit the approved healthcare providers to receive coverage.

Cost

There are various costs associated with Medicare. Each part has its own premiums, copays, deductibles, and coinsurance costs. These refer to the out-of-pocket costs you are to cover while Medi/care takes care of the rest. Ensure you know about the cost of each plan before you enroll. While Part A is premium-free for most people, other parts have premiums. The monthly premium for Part B is about $148.50. Part C can have premiums as low as $0 but have an average monthly premium of $21. Part D plans also have an average monthly premium of $30.50.

Get Medicare Help Today

Here at Wise Up Financial, we offer you the resources you need to make confident decisions. Contact us today at 832-308-0123 for more information about Medicare.