Frequently Asked Questions:
Medicare and Medicare Supplement Insurance
When am I eligible for Medicare?
Anyone who is eligible for Social Security benefits may be eligible for Medicare at age 65. In addition, some disabled people under the age of 65, or people with end-stage renal disease, may be eligible.
What do I have to do to get started?
Usually, about 90 days before your 65th birthday, you will receive your Medicare selection form in the mail. You must select Part A, Part B, or both. Part A is premium-free if you, or a spouse, have paid Medicare taxes for a minimum of 40 quarters while working. Part B is optional and has a nominal cost associated with it that is deducted from your Social Security benefit each month. Although the vast majority of people will benefit from selecting Part B, it is not mandatory.
Why wouldn't I select Part B at age 65?
If you plan to continue working and will be covered by group health coverage, it will be to your advantage not to select Part B Medicare until you retire or group health coverage terminates. (Be sure to check with your employer or group coverage provider to confirm their provisions.) If it is prudent to delay Part B coverage, there are two advantages. First you save the dollars for the Part B premium. Most importantly, you save your "open enrollment" eligibility.
What is "open enrollment?"
It is a six-month period of time available if you are 65 years old or older and starts when you enroll in Part B. During this six-month period an insurance company cannot deny you Medicare Supplement Insurance coverage, place conditions on the policy, or change the price of a policy because of past or present health problems.
Will Medicare pay for all my medical bills?
No. Medicare is a shared expense program designed to protect recipients from catastrophic financial loss. Medicare pays the majority of a medical bill but the patient is responsible for the remainder.
What options are available for patients to assist them in paying their portion of a medical bill?
The most popular way is Medicare Supplement Insurance, also known as Medigap Insurance policies. There are many companies to choose from for this option. Some states also offer Medicare Managed Care Plans and Private Fee-For-Service Plans.
Do I really need to worry about getting my Medicare and Medicare Supplement plans in order?
Yes. Proper planning and action is critical. Regardless of your health now or in the past, things can change going forward, as you get older. If you do not plan for all the possibilities you may miss out on many rights or Federal and State laws designed to protect you.
See also my Frequently Asked Questions about Long Term Care
j.elvin@seva2shore.com
j.elvin@s2sss.com
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