Medicare Program and Its Benefit to the American People
Medicare tax is a federal tax which is automatically deducted to every employee by their employer. It helps in that when one becomes eligible for Medicare, he or she will automatically receive this medical insurance. 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. Though there has been a lot of evolution as far as Medicare coverage it’s concerned, it has remained true to its foundation which is to provide insurance to the old and those with certain disabilities.
The basis of this cover is to ensure that once you retire or concluded to be physically unable to work have access to medical services. One thing you also need to know is that it is not an automatic program that when you turn 65 it takes effect as you will need to enroll. Also you need to understand that once you enroll, there are monthly premiums you will be paying. Once you know that you are about to enroll, it is best that you do it within the specified period to avoid being penalized.
By hitting sixty-five, the first qualification is the part B medical coverage. It is important to know that the Medicare Part A is different from Part Band has its own coverage and premiums although the qualifications are similar. When you are enrolling for the first time, there is usually a seven month period given to do so. With the first part, you need to start enrolling 3 months before you are sixty-five and the next three when you have already retired. Failing to enroll for Part B during this time makes you a subject to late enrollment penalty the time you enroll.
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. It is during this time that one has a chance to choose a different plan without the need of Medicare Special Enrollment Period. You can decide whether you want a separate Part A, B and D plan which includes drug medication coverage or and an all-inclusive Medicare Advantage Plan.
It is important to know that you can qualify for Medicare and Medicaid altogether at the same time. This special situation is referred to as dual enrollment and there are millions of who are eligible for these two benefits. Also, you need to understand that you can get Medicare and continue to work as long as you meet a certain income.
There is the need to work closely with an informed person to help you understand Medicare plans before choosing one.