5 Facts About Medicare You May Not Know

Medicare insurance covers millions of people across the United States. It is insurance provided to older Americans and while some people think that you automatically receive the coverage when you reach retirement age, that is not true. Anyone who applies for Medicare must qualify for coverage. There are more facts that you may not know about Medicare. We’ll share with you some of those facts.

1.    Similar to the Affordable Care Act, Medicare recipients are penalized if they qualify for coverage and do not obtain a policy within a specified timeframe. In fact, premiums increase for those who wait to buy their policy.

2.    Anyone who receives Medicare may change their policy once per year. Before this annual time period, however, you’re stuck with the provider originally chosen. It’s a good time to find the best medicare advantage plans since it’s the preferred coverage choice for many.

3.    Many doctors accept Medicare, but not all of them. When you’re approved for Medicare, a specialist will help you learn more about the medical professionals available to provide coverage and help you better select the right provider for your needs.

4.    Most people who receive Medicare insurance must pay a premium for their coverage. This amount varies according to your income level and other factors. It is best to compare coverage with several providers to ensure the best rates.

5.    There are ‘parts’ of Medicare. Each ‘part’ pays for a specific type of medical procedure or care. Part A covers hospital stays and skilled nursing facilities. Part B pays for doctor visits, lab work, etc. Part C is the Advantage plan that you can use to get more coverage. And, finally, Part D pays prescription costs.

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Don’t go into the Medicare buying process alone. There is so much information that you should get to know. Let the five facts above guide you to the information that you need to use to get the best insurance coverage available.

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