What You Should Know About Medicare and How it Affects You

long term disability insuranceFinding the right health insurance plans can be difficult for anyone. There are many facets to look at when considering plans such as insurance benefits and coverage. Many people look at Medicare as a viable option, especially those who have a disability.

How Does it Work?
Medicare is available to those who qualify over the age of 65. Claims can be made earlier however by those with particular medical conditions such as Lou Gehrig’s disease or end-stage renal disease. You are automatically enrolled in Medicare when you turn 65 if you receive Social Security benefits. Those who have certain disabilities can also claim Medicare prior to the age restriction.

Long term disability insurance is available through Medicare. People with a disability and who meet the requirements of Social Security Disability are commonly enrolled in Medicare Parts A and B. Those who don’t qualify for SSD can purchase Medicare through monthly Part A and B premiums.

What are the Differences in Plans?
Medicare is divided into four separate health care plans that are designated an alphabetical description of A,B,C, and D.

  • Part A covers hospital and the majority of inpatient care.
  • Part B covers visits to the doctor and common outpatient costs.
  • Part C is actually through private health insurance companies and is frequently referred to as Medicare Advantage.
  • Part D covers prescription drugs.

What Isn’t Covered
Medicare, like many insurance plans, doesn’t cover all medical expenses. Medicare also doesn’t cover long-term care costs that aren’t deemed medically imperative. However, many find that combining a long term disability insurance policy with Medicare and a Medicare supplement policy (commonly referred to as Medigap insurance supplement) can help avert hefty out-of-pocket costs. Medicare Plans can have monthly premiums even if you participated in paying payroll taxes into the Medicare system. Medicare Part A can have no costs if you or your spouse were employed for 10 years or more and paid into the Medicare system through payroll taxes.

Medicare is a viable option for many retirees and those with long term disabilities. Medicare Fall Open Enrollment begins October 15 and ends December 7 annually, and coverage for qualifiers begins the January 1 of the following year.

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