SS Medicare sounds like a naval ship out at sea, but what we’re talking about is Social Security and Medicare. These two work together in ways that you might not be familiar with.
Social Security and Medicare
If you are eligible for Social Security benefits and turning 65 you will be automatically enrolled into Medicare Parts A (hospital coverage) and Medicare Part B (day to day like doctor’s visits, second opinions, mental health). You will have to opt out of Part B if you do not want to pay the premium or want the coverage.
Sign Up During Initial Medicare Enrollment
Make sure you sign up during your initial enrollment period otherwise you may be subject to a premium penalty. Your 7 month initial enrollment period is the 3 months prior to your birth month, the month of your birthday, and the three months following your birthday.
What Medicare Doesn’t Cover
The two main things that Medicare doesn’t cover are prescription coverage and extended hospital stays. Original Medicare also leaves you open for significant deductible and coinsurance costs. You will either want to get a Medicare Advantage plan that offers prescription coverage if you are on a budget and just need the basics covered or get a separate Medicare Part D prescription coverage plan.
If you want to cover extended hospital stays and find plans that cover coinsurance and deductibles look into Medicare Supplement Insurance (Medigap). Medigap plans supplement Original Medicare, but does not replace it. This just means that Medicare will pay first, Medigap will cover what’s left over. Remember there are comprehensive and basic plans offered, so make sure to discuss your needs with your agent before making a decision.
For further questions call the number above or click here if you’re ready to get a Medicare Insurance quote.