Everything You Need To Know About Medicare

Everything You Need To Know About Medicare

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Selecting the right health insurance for yourself and your family is always going to be a difficult task. It can help protect you financially should you develop an illness or get injured in an accident.

Without insurance, even the smallest procedures can cost you thousands of dollars which, after an unstable 2020, can even land you in debt. Ensuring that you get the right medical and health insurance also helps ensure that you are looking after your whole family, and you don’t have to ask anyone for financial help and support.

It is important that you carefully consider all options available to you. If you are over 65, you may be eligible for Medicare!

Medicare vs private insurance 

You’ve probably used a private insurance company for several years, so you are aware of the support they offer you and your family during sickness. However, if you become eligible for Medicare, it’s worth comparing the two.

Eligibility. 

To qualify for Medicare, you need to be 65+ or have been diagnosed with chronic illness or disability. This, of course, differs from traditional insurance which you can sign up for at any age, regardless of any disabilities.

Overall costs.

Private insurance can be expensive, and studies have shown that Medicare costs less money overall. You can even sign up for a free plan through your employer. This means it could be a favorable alternative to private insurance, where you will always have to contribute to the cost of your healthcare – even if your insurance is sponsored by your employer.

What is included in Medicare?

Medicare plans are split into four sections, with each section covering different ailments or treatments. You can purchase them individually or as a combination.

PART A: Hospital insurance. Part A is put into place to protect you should you need to take a visit to the emergency room, or spend a prolonged amount of time in a hospital. Additionally, it can be used to cover the costs of home healthcare, nursing facilities, and even hospice or end of life care.

PART B: Doctor/Specialist. Part B is designed to provide you with access to a doctor or specialist. It covers diagnostics and treatment for ongoing conditions. For example, if you have been on medication for several years it will be covered by part B.

PART C: Medicare Advantage. Part C is a combination of both of the above plans and is probably already offered as part of your private insurance plan. They work well in accordance with each other and can be used to ensure that you are prepared for whatever life may throw at you.

PART D: Prescription drug coverage. Part D is an add-on to the traditional packages and can be used to cover the cost of regular or repeat prescriptions. This makes it easier for you to get hold of the medicine you need when you need it.

Before signing up for insurance, ensure you get in touch with a Medicare specialist who can talk you through the process. They will be able to provide you with expert knowledge and guidance and allow you to make the best decision for your health and wellbeing.

 

Photo by Matthew Bennett on Unsplash

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