You may be retiring soon. If you are close to 65, understanding your Medicare coverage is important. This also concerns people that are applying for a disability pension. Here are the four parts to look at.
Part A benefits
Part A will pay for your hospital stays. It also pays for nursing care facilities. It will cover home health care and hospice, too. Most people will not pay extra money for part A. They will receive it at age 65. You may not have paid in enough over the years, to qualify. If your spouse has paid in, this will cover you. If not, you may be able to purchase part A.
Some will receive part A without the need to sign up for it. Others will have to sign up. If you are not currently receiving it, you will need to sign up. The period is three months before your 65th birthday. It extends to four months prior to that birthday, also.
Doctor visits and part B
When you see your doctor, part B pays part of the charges. It is also covers many different outpatient procedures. There are some preventative services also covered. If you have part B you will not have to pay for annual flu shots. There is a premium payment for part B. The standard amount is taken from your Social Security check, every month. If you have a low income, you may receive assistance with the premium.
Advantage plans and part C
Part C concerns Advantage Plans. These plans give you the option to join HMO or PPO plans. If you do, your normal Parts A and B will be transferred. These plans can offer more benefits to some people. You may have much lower deductibles. They may also include prescription drug benefits. You will be limited on hospital and doctor selection.
In some cases, there may not be any additional premium payments. You will still need to pay for parts A and B. However, some packages may have an additional fee. They usually carry additional benefits with them.
Drugs and part D
If you sign up for part D, you will have help with your prescription drugs. This is a very important option with a separate premium. Many prescriptions are very expensive. They also may be necessary. In some cases, elderly people may have to choose between food and prescription medication. This program is aimed at avoiding these things.
Summary
Understanding your Medicare coverage will help with your health care decisions. Know the difference between parts A through D. Part A covers hospital charges. Part B covers doctor visits and flu shots. Part C concerns HMO and PPO coverage. Part D is about prescription medications.
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