As you approach Medicare eligibility you may be wondering if your insurance will serve you well in this phase of your life. Sometimes you may hear people concerned about prescription drug prices or ensuring the right coverage for long-term care. The good news is Americans are overwhelmingly satisfied with Medicare, a recent Gallup survey actually reported nearly 90% are happy with their care and coverage choices. Which is higher than the 80% of workers who are happy with their employer plan. It is a good idea to start early by getting familiar with what options you have and what steps you will want to follow to ensure you are ready when your enrollment period opens.
Take a look at these 5 reasons why Medicare is good insurance that will cover your medical needs as you move into retirement.
- Comprehensive coverage: Medicare provides a wide range of healthcare services, including hospital stays, doctor visits, and prescription drug coverage.
- No out-of-pocket costs for preventive care: Medicare covers a variety of preventive services, such as annual check-ups and screenings, at no cost to the beneficiary.
- Financial security: Medicare helps seniors to afford the healthcare they need, especially those on a fixed income. Having the medical coverage you need is important at this stage in life.
- Simplicity: Medicare is a federal program, which means that seniors only have to deal with one insurance provider, rather than multiple private insurance plans.
- Strong consumer protections: Medicare has strong consumer protections in place, including the ability to appeal decisions made by the insurance company and access to an ombudsman for assistance with disputes.
As you can see, Medicare is a great program that makes coverage easy and affordable. While individuals may worry about the change, most find they are satisfied with the type of coverage available to them and the process to ensure they have adequate coverage.
We encourage people to prepare for the transition to Medicare early to give them time and resources to learn and make important decisions. It is comforting to know you have all of the answers you need and have made all the decisions for your specific coverage before you begin to enter the enrollment period.
Here are some steps you can take now to prepare for transition.
- Learn about the different parts of Medicare: Medicare is a federally funded healthcare program for individuals over the age of 65 and for some younger people with disabilities. It is divided into four parts: Part A (hospital insurance), Part B (medical insurance), Part C (Medicare Advantage plans), and Part D (prescription drug coverage). Each type of plan has its own benefits and drawbacks, so it’s important to research and compare your options to find the plan that best fits your needs and budget
- Determine when you are eligible for Medicare: You are generally eligible for Medicare if you are 65 years or older and a citizen or permanent resident of the United States. You may also be eligible if you are under 65 and have a disability, or if you have end-stage renal disease or Lou Gehrig’s disease. Read more about When to Enroll in Medicare Here.
- Know when to enroll: You can enroll in a Medicare plan during your Initial Enrollment Period, which begins three months before you turn 65 and ends three months after you turn 65. If you miss this window, you can still enroll during the annual Open Enrollment Period, which runs from October 15 to December 7 each year.
- Consider enrolling in a Medicare Part D prescription drug plan: Medicare Part D is a separate prescription drug coverage plan that you can add to your Medicare coverage. It can help you save money on the cost of your prescription medications. If you do not enroll in a Part D plan when you are first eligible, you may face a late enrollment penalty
It might seem overwhelming to begin digging into the change. Starting early and partnering with the right insurance company will help make your enrollment easy and successful. If you’re looking for assistance, a Medicare insurance agency like Jeffery Insurance can help you choose a Medicare plan that best suits your needs. Our team is here to help you understand Medicare and answer any questions you have about coverage. We are based in Scottsdale, but are happy to assist you no matter where you are in Arizona.