Medicare for Dummies

You will find yourself approaching 65 faster than you probably thought and as time goes, Medicare comes along with new learning curves and with the Medicare advantage plans for 2020 you might find it hard navigating this maze and be left with no choice but to buy a book, Medicare for dummies to help you out. But why should you have to use your money when we can help you out? We have prepared you with everything you need to know about Medicare.

Medicare for dummies chapter one: what is Medicare?

In simple terms, Medicare is health insurance that is designed for people who have hit the age mark of 65 and above, persons with disability and those who suffering from end-stage renal diseases. If you are in any category above there, then you definitely qualify for Medicare. There are different parts of Medicare you should familiarize with and in chapter one we familiarize ourselves with the four parts.

• Part A

The first part of the coverage covers you while you are in the hospital. Like when you are admitted or something, it will cover inpatient care, nursing facility and the costs of your stay in the hospital. You don’t need to pay monthly premiums because you already did that when you were working.

• Part B

This part is that covers you even when you are out of the hospital. You will need to pay some monthly premium and you will enjoy benefits like durable medical equipment, physician visits, surgeries and labs among other benefits.

• Part C

Now, this is what we call the advantage plan, it is kind of replacing part A and Part B. You will be paying co-pays for hospitals, approved services and visiting a physician.

• Part D

Sometimes referred to as prescription drug coverage allows you to enjoy the benefits of a pharmacy. It is like insurance for purchasing your medication needs. We all know how the medication can be expensive, having this coverage can be of great benefit.

But with the Medicare advantage plans for 2020, there will be an introduction of Plan N and Plan G, they are both awesome but that is a topic for another day.

Medicare for dummies chapter 2: when is the right time to apply?

Now that you understand the various parts of Medicare let us explore the different times you can enroll for the same.

IEP- short form for the initial enrollment period is a period that lasts for 7months and it usually begins your 65th birthday and lasts for 3 months after turning 65. This means you will be late if you try to apply for Medicare if you are 65 years old and for months, feel what I mean?

SEP-short form for Special Enrollment Period. You can apply for Medicare if you are 65 and above if you obtain insurance from your employer or even through your spouse’s employer and the employer has over 20 employees under his command. If that’s you, you can delay your Medicare application until after you turn 65 years.

GEP- the general enrollment period is for those who did not enroll for the Medicare during the SEP and IEP periods. The period is usually open from January first and runs all the way to March 31st of every year.

Automatic enrollment- it is possible to be automatically enrolled to the Part A and Part B coverage when you hit 65 and you receive your retired benefits from Social Security or Railroad Retirement Board.

Medicare for dummies chapter 3: what does Medicare pay for?

Part A coverage will cover you for the first 60 days you are in a hospital but there will be a hospital deductible that you are supposed to pay. After the 60 days, it is important that you have a supplement plan and that’s where Part B comes in.

Part B will cover your costs when you visit your doctor as an outpatient but you will be required to pay a 185 dollar yearly premium. But it does not cover 100%, it covers 80 percent and you are responsible for the 20 percent.

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