Many people go into retirement without having done any research on their Medicare benefits. This can leave them a bit confused or underinformed when it’s time to enroll. If you are planning to enroll in Medicare soon, you’re in the right place.
These are some questions you should ask before getting started with Medicare.
1) What Are The Basics of Medicare?
You need to know what Medicare is and how it can benefit you before enrolling in the right plan. Medicare is very complex, so it can take some time to figure out exactly what you’re being offered and how the plans are structured. You’ll also need to know how to apply, when you can enroll, and the cost-sharing you’ll be responsible for.
Another important question you should be thinking about that falls into this same umbrella is “When is the best time to enroll in Medicare?” Knowing when to enroll is helpful, as it can help you avoid late enrollment penalties. Trying to enroll at the wrong time can also lead you to a dead end. This is because you can only enroll during specific enrollment periods.
The best time to enroll is typically the Initial Enrollment Period. This starts 3 months before your 65th birthday or 24th month of collecting Social Security disability insurance benefits. It ends 4 months later, offering you 7 whole months to get enrolled. If you choose to enroll after this period, you risk being charged late enrollment penalties. Although, many people are enrolled automatically because they already collect Social Security benefits.
To find out if you will be enrolled automatically, reach out to an insurance agent. They can help you navigate the enrollment process with ease.
2) What Are My Primary Coverage Options?
As stated earlier, Medicare is a complex program. You have many options for coverage to choose from. For example, there’s the basic Medicare plan, Original Medicare. This plan consists of Part A hospital insurance and Part B medical insurance. With these two pieces of coverage, most of your health care needs should be accounted for. Though, if you want to get prescription drug coverage too, you’ll need a Part D prescription drug plan. They’re easy to find, but you can only join them during certain times of the year. For this reason, you should start planning ahead for your enrollment.
Apart from Original Medicare, there’s also Medicare Advantage. These are Medicare-approved plans that are sold by private insurance companies. They are required to offer the same benefits as Original Medicare, so you don’t have to compromise on coverage. These plans also have extra benefits that aren’t available through Original Medicare. To get help making a choice, speak to the talented agents at Eldrige Agency.
3) How Can I Lower Medicare Costs?
If your goal is to lower your Medicare costs, you should compare Advantage plans in your area and find one that offers the best benefits at the lowest cost. This can be difficult to do alone, so get some help. Call Eldrige Agency at (775) 328-1197 to start comparing quotes on Medicare Advantage plans in your area. If need be, we can also help you fill the coverage gaps in Original Medicare with a Medigap policy.
