If you'll be turning 65 this year, it's time to start thinking about getting signed up for Medicare and picking the Advantage plan you want. When you initially sign up, you need to do it in the time frame that's three months before your birthday month to three months after your birthday. That gives you seven months, so it's a long time, but you don't want to miss out or you may have to go without adequate health coverage until the next registration window. Here are a few things to know about getting your retirement health insurance in order.
Medicare May Not Be Enough Coverage For You
Medicare alone won't cover all of your healthcare costs. This is important to think about since you're getting older and more prone to developing health problems. Also, if you have a medical condition already, such as lung disease or diabetes, you'll want good insurance so you don't have to pay a lot of money out of pocket. You could have to pay as much as 20 percent of the cost of doctor's visits, hospital stays, and lab costs. Plus, there is no cap on what you have to pay. If you require surgery or a long hospitalization, you could face huge medical bills that could wipe out your retirement savings. That's where a Medicare Advantage Plan comes in. It works more like traditional insurance you get through an employer. You may have to pay 20 percent of the bill, but there will at least be a cap to the amount you'll have to pay.
Choosing A Medicare Advantage Plan
Private insurance companies offer the Medicare Advantage Plans, so the coverage varies from state to state and among different insurers. Your monthly premium will vary too based on which plan you choose. You'll want to examine all the plans available in your area. Compare the monthly cost against the deductible and cap you have to pay so you find a plan that fits your budget. Consider your monthly costs if you need diabetes supplies or other medical equipment and medications.
Besides that, be sure to check the doctors and hospitals in your area that accept the plan you are considering. Make sure you'll have access to a hospital that is close and to doctors you'll like. You may have to choose an Advantage Plan that is an HMO, so be sure you understand how an HMO works if you've never been enrolled in one before. If you're not happy with the coverage or doctors you have access to, you can change your plan, but you can only do it during open enrollment at the end of each year.
Start comparing plans early and get help from your family or an insurance professional so you choose a good plan that matches your general health. Don't assume Medicare is there to take care of all your expenses if you get sick or you could end up with a mountain of medical bills. An Advantage Plan is usually very affordable, so it is worth it for peace of mind your health will be taken care of in your senior years and you don't have to avoid the doctor because you can't afford to pay for care. For more information, visit websites like http://scis.us.Share