Chris O'Shea
Medicare is a great way to ensure you have health care when you’re older. That’s why it’s important to know as much about it as possible. Here are three key things to know about Medicare.
Sign Up Early
There are specific times when you can sign up for Medicare, and signing up late could put you at a disadvantage. You are eligible to sign up for Medicare starting three months before your 65th birthday, and then three months after. If you miss that window, you can always sign up later. However, down the line, you may be hit with a 10 percent surcharge per 12-month period if you were able to enroll in Medicare B (medical coverage) but failed to do so. So, mark your calendar.
The Pros and Cons of Advantage
There is original Medicare, which is Medicare A, B, and D.
- A covers hospital stays.
- B covers medical care like a routine doctor visit.
- D covers prescription drug costs.
Medicare Advantage combines all of these into one plan. While this may offer convenience, a major drawback with Advantage is that you are limited to certain doctors. With original Medicare, you are not limited to specific doctors. Take that into consideration as you are looking at Medicare options.
Consider Your Options
There is an open enrollment period for Medicare each fall. During that time, if you’re already enrolled, you can make changes to your plan. Don’t miss this opportunity. If you like your current plan, fine. But there might be another plan that would suit you better.
Do One Thing: Review your Medicare plan each year to make sure it’s right for you.
