Healthcare After 65: 5 Aspects of Medicare You May Not Know

Despite being one of the oldest health care covers for US citizens aged 65 years and above, there are many aspects of Medicare that might not be obvious. Let’s start with the obvious ones; Medicare is a federal US government program that provides health care coverage to three classes of people: People aged 65 years and above, people under 65 who are receiving social security disability insurance, and people under 65 battling the end-stage renal disease.

These are the aspects of Medicare that might not be obvious:

1. There are four aspects of Medicare that are guaranteed to get you the Best Home Hospital Services. Medicare A covers in-patient hospital visits, implying that if you get admitted to a traditional hospital under the doctor’s recommendation, Medicare A will cover your treatment. Medicare B covers preventive visits, implying that if you must take annual tests or preventive visits, Medicare B will take care of the costs. Medicare C is known as the premium plan and covers Medicare A and Medicare B and other additional services like dental, hearing, prescription drugs, and hearing. Medicare D is an optional plan which covers prescription drugs not covered by part C.
2. Being 65 years + is not the only qualification for Medicare eligibility. While most people imagine you become eligible by merely turning 65 years and above, you must have earned at least 40 credits from the program. To earn 40 credits, you or your spouse must have a 10-year career.
3. You get penalized for not enrolling. According to a study by Statista, an estimated 200,000 people who are eligible for Medicare fail to sign up every year. This figure represents a burden to the government in spreading the cost of Medicare; hence they get penalized once they enroll. If you enroll for Medicare B 12 months after attaining the eligible age, your monthly premium increases by 10%, which is a similar case in all other classes. If you fail to enroll for Part D, the program doubles the cost of your premium for every month you are delayed after attaining 65 years and above.
4. Medicare does not cover you outside US territory. While some people might enroll for Medicare as a retiree plan, most people don’t understand that Medicare cannot cover you outside the US territory. The original Medicare (part A and Part B) might become applicable outside the US in exceptional cases only, like when there is a medical emergency. In such a situation, the beneficiary might be granted services like emergency evacuation, ambulances, and first aid services if the nearest hospital is a non-US hospital.
5. You can switch your plan at any time during the year. According to Keizer family foundation research, an estimated 800,000 people switch their Medicare plans annually. Thus, after getting enrolled, there is no reason to stick to one plan. As your lifestyle and risk profile change, you can change your plan to adapt to the changes. This gives you the flexibility to switch from the original Medicare plan to the premium plan as your income increases. However, before switching your plan, consider factors like affordability, accessibility, and your switch duration.

Thus, while Medicare is the most affordable health insurance for the most vulnerable American citizens, most people miss out due to a lack of proper information regarding the plan.