More than 66 million Americans rely on Medicare for their health insurance. As an older adult, knowing how the program works can help you attain its most substantial benefits. That can go a long way toward keeping you healthy, managing any medical conditions, and alerting you to potential issues early.
With that in mind, below is a detailed look at how to make the most of your Medicare coverage.
What Is Medicare?
First and foremost, it’s important to understand what Medicare is and what it covers. Medicare is federal health insurance that covers individuals age 65 or older, as well as those under 65 with certain disabilities or conditions.
Medicare comes in parts — A, B, and D — that each provide different forms of coverage. Not to be left out, Part C is known as Medicare Advantage, a Medicare-approved private plan that is an alternative to Medicare itself.
It can get confusing, but here’s a simplified breakdown of the parts and their coverage:
- Part A: Hospital insurance (can cover inpatient care at hospitals, nursing facilities, hospices, and home health)
- Part B: Medical insurance (can cover services from doctors, many preventive care services, and outpatient care)
- Part D: Prescription drug coverage
Medicare Advantage (Part C) is effectively a combination of all three parts, covering hospital and medical insurance and usually offering prescription drug coverage as well.
Tips for Taking Full Advantage of Medicare Coverage
From the moment you choose to enroll in Medicare, you can do several things to keep your body and your bank account healthy:
Enroll on Schedule
Signing up for Medicare can give you access to healthcare services to help take care of your body. Ensuring you sign up on time can also save you money.
You have a seven-month window for your initial enrollment: three months prior to your 65th birth month, your birth month itself, and the following three months. If you miss the enrollment period, you may be forced to pay a ten percent penalty on your Part B premium for every year you’re eligible and fail to sign up.
That, however, does not mean you are forced to accept Medicare coverage. The penalty doesn’t apply to anyone working and on a group health plan that covers 20 or more people.
Review Your Medicare Benefits
Reviewing your Medicare benefits every enrollment period or before you need them can keep you aware of the benefits you have. That, in turn, can help you make changes to your insurance that might save you money. You’ll also be able to get to know the process for submitting claims, where some people run into issues. People often forget to save receipts, or they submit claims too late.
Use Your Preventative Care Coverage
Medicare can cover several preventive care services, such as:
- Screenings
- Exams
- Immunizations
- Vaccines
Some of these tests and screenings, especially those for conditions like breast, colorectal, and prostate cancer, as well as diabetes and glaucoma, can help you prevent health issues or catch potential medical problems early.
Visit In-Network Providers
In-network medical providers contract with your insurance plan to provide services at a certain price. Some out-of-network services and doctors might not be covered under your plan, so it’s important to check the website of your insurance provider to find the list of doctors and services that are available in-network.
Ask for Help
Dealing with any form of health insurance can be a confusing endeavor. And Medicare is no exception. Thankfully, if you find yourself looking for answers, resources are available to get you the answers you need.
For instance, plenty of information is available online at medicare.gov. You’ll find details about the program, telephone numbers to talk to someone live, and online chat options. States also offer local help through the State Health Insurance Assistance Program.
Stay Financially Fit With a Financial Advisor
You can get the most benefit from your Medicare coverage by enrolling on time, understanding your benefits, taking advantage of preventive services, seeking in-network providers, and asking for help if you need it.
Ultimately, your coverage will play a crucial role in keeping you healthy to work, play, and take care of you and your family. But it also plays a key role in keeping you financially fit as well. A financial advisor with Good Life Morehead City can help you see how health insurance fits into your financial goals and is another good resource with Medicare answers. Get in touch today to talk to a financial advisor.