If you are quickly approaching the age of 65, it is time to evaluate whether or not to move forward with Medicare coverage. While you may be comfortable and use to private insurance coverage, making the transition to Medicare might be a good fit for yourself and your spouse or significant other. Before diving into Medicare enrollment, consider these factors in helping you get through the process to get the most out of the program.
Enroll in Part B
The majority of people qualify for Medicare part A starting three months before they turn 65 and have an enrollment period of seven months if they were employed for the last ten years. However, if you want to enroll for part B, you must take the initiative independently. Although there are specific periods to register, you could be subject to late fees which can rack up at a rapid rate if you wait too long.
Choose Your Medicare Plan
Medicare comes with a variety of options to customize your plan based on your needs. If you already know what type of coverage you will need, you can save money by opting for those extra parts from the get-go. Costs and certain coverages do vary from plan to plan, but you should be able to find out what the prices are ahead of time. Be sure to compare the options to figure out which is the best fit for your medical needs.
Decide on a Medicare Supplement Insurance Policy
Policies for expenses Medicare does not cover can be bought through private companies. Items such as deductibles, co-payments, and co-insurance can be at least partially covered if you opt to buy those policy add-ons upfront. Before choosing your coverage, figure out which options best cover your medical needs and group them to save money down the line.
Plan for Out-Of-Pocket Expenses
Despite everything Medicare covers, you still need to plan for some out-of-pocket expenses. Several things typically not covered by Medicare include dental, eye exams, and prescription glasses, and while these things are essential, they can end up costing quite a bit of your own money. Even with the insurance coverage you currently have, putting some savings aside for those extra costs could be beneficial.
Review Your Medicare Plan
Each year during the enrollment period, it is essential to review your Medicare plan consistently. There may be new options for saving more money on an existing program with alternative options, or you might want to add further coverage for sections you do not have yet. It is also good to see if you need to switch from the Medicare Advantage Plan to the traditional coverage plan.
Organize Your Long-Term-Care Coverage
Understand you might need more coverage to provide the care you require. Buying long-term-care insurance may provide the additional care and coverage you will need in the future. To fully determine what parts you need, consult a Medicare professional or a financial advisor to assist you in your planning.