How much do you really know about Medicare? Read on to learn some key things you should know about Medicare with these Medicare facts.
Did you know that there are 44 million people in the United States that are enrolled in the Medicare program? If you will be part of this statistic in the near future but do not know much about Medicare, you are in the right place.
Keep reading to learn some key Medicare facts you should learn ahead of time.
1. Doesn’t Start When You Claim Social Security
Some people are under the impression that Medicare starts whenever they start receiving Social Security benefits, but this is not true. Social Security is actually more flexible when it comes to their start date.
With Medicare, the first enrollment period starts three months before you turn 65 years of age and it ends three months after that 65th birthday. If anyone misses the initial deadline then there is an open enrollment period from January 1st through March 31st every year.
2. Not 100% Free
You might not realize that Medicare is not entirely free. The premium for Medicare Part A is usually free as long as you paid it via your taxes through your paychecks during your working years. Because it is not completely free you will want to look into Supplemental Plans to help lower some extra costs such as deductibles, copayments, etc.
Understanding Medigap will come in handy when you are looking at saving money in the long run.
3. Do Not Miss the Enrollment Deadline
Although you have an opportunity to enroll in Medicare if you miss the initial enrollment, it is best if you don’t. If you miss this enrollment deadline, it can cost you a lot of money later on. The penalty for missing your initial enrollment will cost you 10% of your premium for every 12 months without Medicare coverage.
This amount is tacked on to your premium for the rest of your life with Medicare. If you miss it for more than a year you will get charged another 10% for every year missed. On top of those fees, you will also be charged an additional fee for missing prescription coverage.
4. Medicare Doesn’t Travel With You
While you are out on vacation or traveling, your Original Medicare will usually only cover you where you live. If you plan on traveling during your retirement years then you want to definitely look into a supplemental plan. Some Supplemental Plans also cover you if you travel internationally.
Keep in mind that there are a few times where Medicare will pay for hospital or ambulance services outside of the United States if it is a medical emergency.
Feeling Like Medicare Facts Pro?
Now that you have the top Medicare facts above, you can make informed decisions ahead of time. Becoming part of Original Medicare might seem overwhelming and confusing, but we hope that the facts above will make it a bit easier for you.
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