Top 6 Things to Know About Medicare

Surveys have shown that a great number of enrollees of Medicare are not always aware of all of their important Medicare benefits and therefore may miss out on some important benefits. As you are approaching your 65^th birthday and preparing to sign up for Medicare: Here are the Top  6 Things to Know About Medicare:

1. Sign up on time

When enrolling in  Medicare, you have a seven-month window in which to enroll: three months before your birthday, your birthday month and the three months immediately following your birthday. If you enroll in the three months prior, your Medicare coverage will begin on the 1^st of your birthday month. Enrolling outside of this seven-month window and result in fewer options for plans and possibly higher monthly premiums.

2. Premiums reflect income

   1. The average monthly premium changes every year and this premium covered Medicare Parts A & B which covers some hospital coverages and some doctor charges. However, it is important to note that if you are a retiree who earns more than $85,000, or a couple you earns more than $170,000; your annual premiums may be higher.

3. Prepare for out-of-pocket expenses

   1. It is very important to remember as you prepare that Medicare has coinsurance, copays, and deductibles. The Medicare Part B deductible changes every year and Medicare usually pay 20-40 percent of the amount approved by Medicare of health services.

4. Look into replacement and supplemental coverage

   1. Having adequate coverage provides peace of mind and makes your retirements years that much more enjoyable. Therefore, supplementing your basic Medicare of Medicare Part A and B coverage with additional coverage such as Medigap coverage is always beneficial. Another option is to replace your Medicare coverage with a Medicare Advantage plan that provides more coverage than original Medicare. While there can be additional premiums associated with choosing a Medicare Advantage plan, many enrollees have found it very worthwhile. Some Medicare Advantage plans are even free, but you must understand what you are purchasing.

5. Part D: Choose a plan that’s right for you

   1. By making the right decision, you can save a lot of money by choosing the right Part D plan. During open enrollment, Medicare enrollees can choose a new Part D Prescription drug plan. It’s important to know what medications are covered, out-of-pocket costs and premiums can change so it is important to shop around every year. Open enrollment is October to December.

6. Know what services are covered

   1. Medicare only covers certain health services. Services such as dental care, routine eye exams, hearing aids, and dentures are not covered. Medicare also does not cover assisted living communities or nursing home care. An additional reason to consider purchasing supplemental insurance coverages. With over 29 years of experience, One Source Benefits is one of the most experienced firms that can assist you in your Medicare needs. Call me today for a free consultation at 877-549-1212.  Helping people understand and navigate Medicare for over 29 years.

Tracy McManamon on Google+