Medicare Insurance: What to Know About It | EverydayResources.com
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Family|Financial|Insurance|Senior

Medicare Insurance: What to Know About It

medicare insurance guide

As you start to approach retirement, there’s a lot of things you have to plan for, and your health insurance is one of them. Many Americans enroll in Medicare insurance every year, but few understand it well.

It can be overwhelming when you see all of the different coverage options, but you don’t have to struggle through the decision-making process. With this guide to Medicare insurance, you can learn more about eligibility, coverage options, and costs.

Who is Eligible?

In most cases, you become eligible for Medicare upon turning 65. You can sign up as early as three months before your 65th birthday, or you can sign up any time in the four-month period that follows your birthday.

While Medicare is typically reserved for seniors, there are some exceptions. Younger people with disabilities may be deemed eligible for coverage. It is also available for individuals with End State Renal Disease, which is a permanent kidney failure that requires a transplant or dialysis.  

How Much Does It Cost?

The cost for Medicare depends on several factors, including your income. It can also depend on the plans you enroll in:

  • Part A: In some cases, your Part A coverage may be completely free! If you or your spouse have paid Medicare payroll taxes for ten or more years, you shouldn’t have to pay any premiums. Others who didn’t pay the taxes could pay several hundred dollars for their monthly premium.
  • Part B: Your Part B coverage comes at a standard rate. It is currently $144.60 each month, but it is expected to increase by a few dollars in 2021. You can easily look up the standard rate for your coverage at any time.
  • Part C: This all-in-one plan is offered by private companies, so the cost of your monthly premium depends on the plan you choose. You can find a variety of options to fit any budget.
  • Part D: The cost of part D coverage also depends on which plan you choose. The most basic coverage starts at $30 per month, but you should keep in mind that there are additional costs for copays, deductibles, and out-of-pocket expenses.

What Does it Cover?

Different parts of Medicare offer different coverage options. Part A is more for hospital stays and short-term nursing home stays. Part B is what most people consider a standard health insurance plan. It covers your doctor visits, preventative screenings, flu shots, and more. Part D covers your prescriptions drugs. Part C is also known as Medicare Advantage, and it offers all-in-one coverage.

How to Get Additional Coverage

If you didn’t get a Part C policy, you may find yourself needing to supplement your Part B Insurance with a Medigap plan. These plans are lettered A through N, so there are plenty of different options from which you can choose. We recommend that you speak with an insurance agency to find out which Supplement plans best fit your needs and budget.

Request a Medicare Quote

Whether you are using private or public Medicare insurance, there are many different prices and plans available. The best way to find the policy that best fits your needs is by requesting different Medicare quotes. You can also visit medicare.gov to learn more about Medicare coverage, costs, and supplements.

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