Tuesday, March 6, 2012

When Can I Get Medicare?

Medicare is the program the government created to allow people to get affordable insurance coverage for medical expenses they have when they are older. The reason this is necessary is all insurance is priced based on risk of a claim. The older people get the more likely they are to file a claim for a medical issue. Older Americans were being priced out of the market by expensive monthly premiums the moment that they needed it the most. People close to Medicare are paying the most for their medical insurance than anyone at any time. It is a good idea to know when you are eligible for Medicare so that you can begin to establish your coverage and save money on monthly premiums as soon as possible.
Medicare is currently available to individuals who are 65 years old. They will get their Medicare cards a few months before they turn 65. Every American will qualify for Medicare benefits the first day of the month that they turn 65. So if anyone wants to cancel their current coverage, they will need to wait until that date. For example, if your birthday was the fifth of June, your insurance will begin on June 1.
You will automatically be enrolled in Part A and it does not cost anything extra. Part B is an additional cost for doctor benefits but it will be automatically deducted from your social security check if you choose not to get it. Part A by itself is great for any large medical expense from the hospital or surgery. You will only have to pay a small deductible for the first 60 days in the hospital. Often this benefit that costs nothing is much better than the benefit that they had before they were eligible.
Part B costs extra but it will pay 80% of any doctor bill that you might have after a deductible. There is no out of pocket maximum but an 80% discount is a pretty good deal even if you still have to pay the remaining 20% for the doctor to get you healthy. Many people get supplements to pay the extra 20% or they get a Medicare Advantage plan that helps them with doctor visits. Both part A and part B will begin the first day of the month that they turn 65.
The time leading up to eligibility for Medicare can be difficult for people to make ends meet. For this reason, many people look to basic coverage to bridge the gap in medical insurance coverage. These people will opt for a short term insurance plan to cover for major medical issues until their plan starts. Americans can save hundreds of dollars a month with these plans. You can get quotes and information on how to save money with these temporary insurance plans until your Medicare starts on many websites. It doesn't take very long and you could save thousands of dollars over the 6 months you wait for Medicare to start.

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