If you’re heading into retirement, you’re likely to encounter new issues that you have to deal with. One of these issues which can be a big deal is Medicare. It can be maddening trying to figure out when to enrol and which part to enrol even if you’ve checked it out before in the past. There are so many parts to a Medicare plans like as Cigna Medicare Supplement Plan G that can be used as per the patient’s requirement. In order to help you navigate through the world of Medicare, there are some essential things you must know and we have highlighted some of them.
It Comes with a Cost
A Medicare plan is usually divided into parts. Part A is responsible for paying for most of the hospital services. It is free if either you or your spouse has been paying Medicare payroll taxes for at least 10 years. Part B covers outpatient services and doctor’s visit and has a monthly price tag. Part D covers prescription drugs and also has a monthly price. Other than the monthly premium, there are deductibles, co-payments, and other out-of-pocket costs to take into consideration.
You can Fill the Gap
If you’re a beneficiary of a traditional Medicare plan, you will likely want to sign up of a Medigap supplement insurance cover. The Humana Medicare Supplement Plans are in most cases offered by private insurance companies which help in covering the deductibles. It should be noted that the Medigap plan can be switched at any time. There are situations where you could be charged more or denied cover if you choose long term plans that are more than six months if you had started by signing for Plan B. The Medigap policies can be identified by letters. There are labeled from A through N with the difference being the cost.
You can opt to sign a traditional Medicare plan. It could be part A, B, D with a supplemental Medigap policy. The other option would be to sign up for the Medicare Advantage Plan which takes of prescription drugs and Medical coverage through private insurance companies. Medicare Advantage is also called Part C and has a monthly cost that you have to pay for. In order to get Medigap policy, you will need to sign up for Part D if you’re on the Medicare Advantage. You are also subject to the additional payments found in most Medicare plans. You’re likely to get lower premiums with Medicare Advantage plan. You may experiences some limitations with your provider if you’re on a Medicare Advantage Plan.
High-Income Earners Pay More
You’re likely to pay more if you’re income is above the stipulated threshold and still want a Medicare plan. There is a surcharge on plan B and D if your income is above $85000 if you’re single and $ 170,000 if you’re married.
When To Sign Up
There is never the perfect time to sign up but you should do so as early as possible. If you’re already benefiting from social security then automatically enroll for Parts A and B. There is the option of turning down part B since it comes with a monthly cost. Should you decide to keep it, the cost with be deducted from social security. If you don’t have social security, you will have to sign up manually for Parts A and B. You could delay signing up for Medicare if you’re still in working and the employer covers your health insurance. You will be required to sign up for Medicare within eight months of losing your job.
There are several enrollment periods that you should be aware of if you want to sign for Medicare. There is a seven-month initial enrollment period after you’ve stopped working. You can still sign up for Part B during the enrollment period from January 1 to March 31. There is the option of signing up letter without risking a penalty if you’re covered with your employer’s plan.
Free Preventive Services
One of the benefits of a Medicare plan is the free preventive services. There is an annual free “wellness” visit to update the preventive plan. There are free annual mammograms, screening for cervical, colorectal, and prostate cancers. You also get free annual flu shots. It should be noted that there are certain conditions that are not covered by Medicare. It will not cover for long-term care which could come about when treating acute-care diseases and episodes.