What You Need to Know About Medicare Coverage
For all those who have worked in the US, the Medicare tax is one of the deductions that you ever have seen in your salary. There are many people, however, who have no idea of how the tax will come to be of help to them in the future. One thing that you need to understand however is that this form of tax helps to offer health coverage for the aged since it becomes effective in 1965. However, it remained true to its foundation which is to provide health insurance for the elderly and those with certain disabilities.
To understand better, this is a program that aims to provide health insurance for the aged in the united states once they retire or a declared unfit to continue working. However, this does not mean that you will have to wait and expect that automatically you will be assumed to the program when you have retired as enrollment is needed. It does not stop at that as you will be required to ensure that you remit monthly premiums so as to enjoy the benefits. Another thing is that there is a penalty when you enroll late than it is scheduled hence the need to be time conscious.
When you turn 65 years of age or you have certain disabilities, there is the need to know that you qualify for the medical coverage or what is known as Medicare Part B. The part A is the hospital coverage and is usually separate from the part B and has its own costs and coverage through the qualifications are all the same. The time frame that is given for enrollment purposes is usually 7 months. It works in such a way that you enroll first during the six months before you reach 65 years and the others you continue after your sixty-fifth birthday. However, it is important to know that when you enroll later than these dates you get a late enrollment penalty when you do so.
After you have enrolled, there is a Medicare open enrollment that usually begins on a specific day of October and ends on a given day in December. In this time, one gets a chance to choose the Medicare plan that they like. In such a time you will get to know if you need a separate plan D or A And D which you will learn about them.
It is important to know that you can qualify for Medicare and Medicaid altogether at the same time. There is a lot of Americans who have taken advantage of this special circumstance that is known as the dual enrollment. Also, you need to understand that you can get Medicare and continue to work as long as you meet a certain income.
If you happen to qualify for Medicare coverage, it is important to speak to a qualified representative to help you get a better understanding of the plan that suits you.