According to a report by The New York Times, research conducted by the Kaiser Family Foundation found out that only about 1 in 10 Medicare patients are taking advantage of this hugely beneficial period that could save you thousands of dollars.
A Delay May Cost You
You should enroll for Medicare during the open enrollment period, which is from October 15 to December 7. It is advisable to sign up three months prior to the day you turn 65, your 65th birthday month, or three months after this birthday. If you delay, you will have to pay a penalty every month. The same stands true if enrollment in a Part D plan is delayed.
The Parts Of Medicare
Know the different parts of Medicare to make an informed decision:
- Medicare Part A offers coverage for inpatient care at hospitals. It includes skilled nursing facilities, hospice care, and home health care. Part A largely includes hospital insurance for certain short-term health services.
- Medicare Part B covers outpatient care and preventive services like flu shots or Pap tests. Part B and Part A are provided by the government and are known as “Original Medicare.”
- Medicare Part C refers to Medicare Advantage Plans. It covers services in Part A and Part B. These services are, however, offered by private insurance agencies and are cheaper than Original Medicare, depending on the insurance company offering them. They also offer extra coverage like dental care and wellness programs.
- Medicare Part D covers outpatient prescription drugs. It is also offered by private companies, and the cost and coverage vary as per the insurance agency.
- Supplemental Insurance offers coverage for your medical service copays and excess charges that are not covered in Parts A and B.
How can you lower your premiums? By simply comparing the plans and making an informed choice. It is free to check your eligibility and only takes 2 minutes.
Follow these 3 easy steps to see if you can put $$$ back in your pocket!
- Click your state below
- Answer a couple of questions about your basic health information
- View all of your available Medicare Supplement plans and coverages to see how much you can save!