What You Should Know About This Year
Medicare Program and Its Benefit to the American People
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. It helps in that when one becomes eligible for Medicare, he or she will automatically receive this medical insurance. It is important therefore to understand that Medicare tax works to provide health insurance for the aged who qualify for the same. One thing people need to know is that the Medicare tax is not a yesterday thing as it starts to become effective in 1965 and has all along worked to provide health insurance for those over 65 years of age as well as those determined as disabled.
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. 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. Also you need to understand that once you enroll, there are monthly premiums you will be paying. Another thing is that there is a penalty when you enroll late than it is scheduled hence the need to be time conscious.
It is crucial to know that when you have retired or be determined disabled, you first qualify for Medicare Part B or the 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. Failure to enroll in that timeframe usually attracts a penalty.
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. During this period, you will learn of all the available options that you can add on to part B as the page suggests.
Another important thing you need to know is that you can both have Medicaid and Medicare 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.
Getting a knowledgeable representative is advisable before you make a decision to choose a plan.
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