Individuals 65 and older as well as some younger people with disabilities are covered by the federal health insurance program known as Medicare. If you meet the eligibility requirements, Medicare can pay for most of your medical expenses. However, there are many costs that Medicare won’t cover.
Here are tips from the best Medicare advisors in Coral Springs to help you get the most out of your Medicare benefits.
Enroll in Medicare on Time
You can sign up for Medicare three months before your 65th birthday or six months after that birthday if you are disabled or have an end-stage renal disease (ESRD). You also can enroll any month of the year if you have made a permanent move to another state.
Suppose you sign up late and wish to receive retroactive benefits back to the date of your first eligibility. In that case, it will cost you an additional 2% per month for every month without coverage, plus a $1,200 penalty for every 12 months without coverage before enrollment. Consult with a Medicare insurance agency in Coral Springs to know the best time to enroll.
Get the Right Plan
You have several options when choosing a Medicare plan. The first thing to do is find out whether you qualify for free Medicare Part A coverage (hospital insurance). If you don’t qualify, you’ll need to buy supplemental insurance from the best Medicare supplement insurance agency in Coral Springs to cover your out-of-pocket costs for medical services not covered by Part A.
Enroll In Cost-Saving Programs
Medicare offers many ways to save on prescription drugs, such as the “donut hole” discount card and low-income subsidies for some drugs purchased through Part D plans (prescription drug coverage). You can also sign up for a Medigap policy covering out-of-pocket costs not covered by Medicare Parts A and B. However, our Medicare supplement insurance agency in Coral Springs, FL does not reduce what you pay for premiums or deductibles.
Sign Up for a Medigap Plan
Once you have enrolled in Medicare Parts B and D, you might qualify for a Medigap policy to help with some of the costs that Medicare does not cover. These coverage options are available anytime and are valid until you turn 65.
Some expenses that Original Medicare doesn’t cover are helped by Medigap policies (like copayments, coinsurance, and deductibles). However, don’t wait until you’re ill to enroll — you never know when an accident or illness will happen.
Coordinate Benefits With Other Health Plans
If you have other health coverage, such as an employer’s group or coverage under a spouse’s plan, coordinate your Medicare benefits with those plans to ensure they will cover all your healthcare needs. If not, look into Medigap policies that may offer additional coverage.
In conclusion, Medicare is an excellent resource for seniors and their families. If you’re getting ready to turn 65 or already have Medicare, these tips can help you get the most out of your benefits. A Medicare insurance agency in Coral Springs, FL can help you navigate Medicare and understand your coverage. If you have questions about how to use your benefits or need help finding a plan that best fits your needs, contact iWill Advisors, the best Medicare advisors in Coral Springs, today!