Turning 65 is a turning point for most people. To some people, it is the time for the most awaited moment of their life - the retirement. But sometimes, turning 65 is also about having the right coverage for yourself. It means you are eligible for Medicare! But before you get confident about it, you have to know that it doesn’t and should not end in you getting just Medicare. Turning 65 will open you to a whole new world of health coverage. Now is the time to find health insurance to protect yourself, your family and even your assets from the debilitating effects of healthcare expenses.
Health problems can occur anytime, especially when you least expected it to appear. You need to find health insurance soon, to protect yourself from the burden of the said expenses and handle medical needs effectively. Turning 65 means you are not getting younger, your body may experience the effects of aging which may require some or a lot of medical attention. It pays to be ready in that situation.
A Federal government health insurance program that is given when you turn 65. If you are among those who receive Social Security benefits, you will be automatically be enrolled in this coverage. It provides up to 80% of Medicare-approved health care expenses. The remaining 20% are usually shouldered by the beneficiary, which is commonly referred to as the Medicare gap.
Before you turn 65, it is recommended to have a full understanding of the coverage and its other parts. Doing so will help you avoid surprising out-of-pocket costs and be able to create a Medicare strategy.
Also known as Part C of Medicare, Medicare Advantage provides the coverage that both Medicare Part A and Part B (Original Medicare) covers and more. It is provided by private insurance companies approved by Medicare.
You can join this coverage once you have both Medicare Part A and B. Unfortunately those who have end-stage renal disease usually can’t join this type of coverage.
A health insurance that supplements Original Medicare. Medigap works by filling the gaps in Medicare. It is also sold by private insurance companies. Since it has ten standardized plans, it is best to check Medicare Supplement quotes from different insurance providers to know which ones offer a reasonable price.
You should consider getting this type of health coverage especially if you are someone who often visits the doctor’s office, has preferred medical provider, or often needs medical attention. The 20% remaining Medicare gap may seem easy to manage at first, but if it involves huge amount and frequent need of medical services, it can be burdensome too!
Also, once you turn 65, it would be the perfect time to enroll in any type of Medigap plan. You have to be aware of your open enrollment period because it might be your only chance to get a Medigap with having to undergo medical underwriting.
If you belong to a low-income family, you can seek coverage from Medicaid. There are requirements that you need to meet to be able to qualify for coverage. Yes, it is possible to qualify to both Medicare and Medicaid.
If you are a dual eligible individual (qualified for both Medicare and Medicaid), the two coverage can work together and you’ll be able to get health coverage at a very low cost.
Planning for health coverage and knowing your options can do wonders not just for managing your health expenses but also to your finances. Believe it or not, creating a health coverage strategy as soon as you turn 65 (or even before you do), will save you a lot of money! Plan ahead, arm yourself with the right knowledge and protect yourself with the right coverage.