A Beginner’s Guide to Medicare
Medicare is a federal health insurance program that helps individuals access medical care and medications. Medicare is for individuals aged 65 years and above, so seniors do not have to deal with the health challenges of aging on their own. Some individuals under 65 may qualify if they meet specific conditions, including: Disability – You can qualify for Medicare under 65 if you have received Social Security Disability Insurance (SSDI) benefits for at least 24 months. End-Stage Renal Disease (ESRD) – You are eligible for Medicare at any age if you have permanent kidney failure requiring dialysis or a kidney transplant. Amyotrophic Lateral Sclerosis (ALS, or Lou Gehrig’s Disease) – If you have ALS, you qualify for Medicare immediately upon receiving SSDI benefits, without the 24-month waiting period.
Understanding Medicare Basics
The Medicare insurance program can be divided into several components, each offering specific benefits to individuals with coverage.
- Part A, the hospital insurance component, covers inpatient bills. Inpatient refers to costs accrued if the individual is admitted to a hospital or registered healthcare facility. This includes nursing homes offering specialized healthcare and hospices. In some cases, this component may also cover home-based care.
- Part B—This component of Medicare covers doctor services. Unlike the first one, which covers the costs of being in a healthcare facility, this component covers direct doctor fees, outpatient care, preventative services, and more. It can also cover the costs of medical supplies needed for a patient’s care.
- Part C is an integrated medical care plan sometimes referred to as Medicare Advantage. It combines Part A and Part B under a single plan and may sometimes include additional plans. Private insurance companies offer these plans, but Medicare generally administers them.
- Part D covers any medication and prescription drugs required in a patient’s care. As mentioned earlier, this plan is often added to Plan C, although if you are covered under Original Medicare (Plans A and B), you must enroll in Plan D separately.
Medicare is open to US citizens 65 years and older and individuals with specific disability requirements. At Jason Rubin Insurance Services, we can help determine whether you are eligible for this healthcare program and which option best suits your needs.
Exploring Your Medicare Options
There are many factors to consider when selecting the right Medicare plan for your health insurance needs. The first thing to understand is the deadlines that dictate when to enroll for Medicare plans. The initial enrollment period or IEP is set at three months before your 65th birthday and three months after this date. You will likely be charged late enrollment penalties if you do not enroll within this period. Annual enrollments are done between October 15th and December 7th. You can change plans or options under each plan for the following year during this period.
Work with professionals to guarantee that you have an effective plan. It is easy to miss certain things, significantly impacting your healthcare costs. For example, Part D, which covers prescription drugs, often comes with a list of approved medications called a formulary. The schedule of approved medications can sometimes change from year to year, and individuals need to check that their medications are listed under their plan. Without doing this, you risk losing financial support for your medicines in the following year.
Why Choose Jason Rubin Insurance Services?
When you choose to work with Jason Rubin Insurance Services for your Medicare insurance plans, you are guaranteed expert help and guidance. We offer our services at no cost to our clients and help you get the perfect healthcare plan for your needs. We also help you meet any set deadlines and guide you through the regulations to keep you compliant.
Contact us today to simplify your Medicare journey.