Healthcare insurance is without a doubt confusing and expensive. Not getting the right amount or type of coverage could result in loads out-of-pocket medical costs. This is especially true, for people who are considered frequent fliers at hospitals or doctor’s offices. When you turn 65 or retire, you will most likely transition to Medicare health insurance, which is even more confusing. Below, you will learn what you really need to know about Medicare before enrolling.
Understanding Part A
Medicare Part A is considered the hospital insurance, as it covers inpatient hospital care. It also covers limited stays in skilled nursing care facilities and limited home health care services. Most people who have worked 10 years in the United States and paid Medicare taxes will be allowed to enroll in this plan without paying premiums. This coverage doesn’t typically cover the full amount of your hospital bill. You will be responsible for a share in the cost. There will also be a deductible before Medicare kicks in.
Understanding Part B
Medicare Part B is what is known as the medical insurance. It covers non-hospital medical expenses like doctors’ office visits, blood tests, X-rays, diabetic screenings, medical supplies and other outpatient care. You will be required to pay a monthly premium for this type of coverage and it will be higher for individuals who have higher incomes.
If you click here, you can get in touch with an independent agent who doesn’t work with one specific insurance company. This expert can scour through providers and find you the best coverage at the most affordable rate. If you do not have this type of coverage with an approved source, you will legally be required to sign up for this coverage.
Understand Part D
Part D is optional and offers coverage for prescription drugs. There will be a monthly premium for this coverage and the fees can vary depending on the provider. Your share of the costs of certain prescription drugs can include a deductible, a flat co-payment or a percentage of the full drug cost.