Revista Cine

What are my Options for Medicare Coverage When I turn 65?

Publicado el 02 abril 2019 por Despiram @FrikArteWeb

Well, you will soon turn 65 and will be bombarded with a lot of correspondence from all the different insurers who tell you to make a decision about Medicare coverage, but what are your options and how do you know which coverage is best for you? Generally, you have about five options when choosing your Medicare coverage when you turn 65. So these are the options. Choosing the option that best suits your needs will require further analysis by an independent Medicare specialist who can answer all your questions and present the pros and cons of each of these options. If you live in Colorado, Medicare line Insurance can help you choose the best Medicare coverage for you.

Option 1 - You do not have to choose anything. Medicare is not mandatory insurance; However, if you choose to be covered later, you will probably be fined for as long as Medicare has.

Option 2: You can only enroll in Original Medicare (Part A - hospital and Part B - outpatient) during your Initial Enrollment (7-month period). If you choose this option, this is the best time to make your decision to avoid fines. Most people who worked 10 years or 40 quarters will not pay a monthly premium for Part A, but will pay a monthly premium for Part B. If you choose only Original Medicare coverage, there will be no maximum out-of-pocket be very expensive if you face a catastrophic event such as surgery or develop a health condition that requires continuous and expensive treatment.

Option 3: You can enroll in Original Medicare (Part A and Part B) and also purchase a Medicare Supplement Plan to cover all the gaps left by your original Medicare coverage. These plans are also known as Medigap plans. Generally, Original Medicare will cover up to 80% of your Medicare-approved expenses, leaving you with the remaining 20% ​​without a maximum out-of-pocket amount. The best time to choose a Medigap plan is 6 months after turning 65 because coverage cannot be denied for any pre-existing conditions during that period. If you are out of this period, you may be denied a Medigap plan because of a pre-existing condition, unless you qualify for a special enrollment period.

If you choose a Medigap plan, you will have to purchase an independent or separate prescription plan (Part D). The cost of a Medigap plan can range from $ 100-150 / month depending on the plan chosen and where you live. This cost will be in addition to your monthly Part B premium and a Part D prescription drug plan.

Option 4: You can enroll in Original Medicare (Part A and Part B) and choose a Medicare Advantage plan (Part C). These plans are offered by private insurance companies as well as Medigap plans, but they will cover you within specific networks. The cost of Medicare Advantage Plans can range from 0 to very low monthly premiums, depending on what is available in your area. You still must pay your monthly Part B premium. These benefit plans usually include a prescription drug plan and other miscellaneous benefits. You cannot have a Medicare Advantage plan and a Medicare Supplement plans 2020 at the same time. A careful review is necessary to determine the pros and cons of a Medicare Advantage plan before making a decision.

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