There are the majority of the Americans who think that Medicare
and social security are programs which fit all and there is no choice or
customization in them. But if you will look at the facts, do some researches
and know how these programs work then you will find out how useful these
programs are. These are long term
financial programs and considering the factors will help you in looking out for
effective ways to expand their usefulness. There is one misconception that the
amount of social security is held in the personal accounts of those who earned
hem. But this is not true. The social
security taxes which people are paying today are spread across the retires of
today. This amount is also distributed among the disabled and survivors of the
workers. When you pay your taxes you earn credits that will help you avail your
future benefits. The number of credits you will earn will depend upon your
birth year. How much you are earning and working will also affect your eventual
benefit. If you are working well then your benefits are also going to be good. If
you have worked less then you are going to earn less. This means it is
important that you are working steadily so that it does not put effects on your
social security amount. The age you
decide to start taking your benefits will also affect your social security
benefit package.
On the other hand side, Medicare is another program and it
also depends upon your payrolls. Medicare is another popular insurance program
designed for the older people of age 65 and older. People in younger ages facing
disability can also opt for this program. When you get enrolled wit this
program then it will help with your healthcare costs. It does not cover all the
costs and expenses. There are4 parts of the Medicare programs
Part A: - under
this Medicare program pays for the inpatient care under which nursing
facilities and hospitals stay and other forms of health care.
Part B: - it is basic
insurance which assists to pay for the outpatient care, doctors, home health care,
preventive services, and medical equipment.
Part C: - it is
called Medicare advantage and the plans are offered by the private companies in
a few areas. People who are having Part a & B can select their health care services
through this part. Under this plan doctors visits and hospital stays are
covered.
Part D: - under
this part you can avail the medications which you get from prescriptions.
You can take benefit of Medicare as well as social security
benefits and get a complete package at the times when you need them the most.
You must take time to integrate these into your financial plans and avail the greatest
benefits.
Medicare planning to avail benefits on time
People who are availing their social security benefits will
get confirmation few months before they become eligible to receive their
Medicare benefits. Or people can also enroll themselves three months before
they reach the age of 65. You can also enroll even if you are working and still
want to continue working. In some
special cases, people can also apply for the benefits before they reach the age
of 65. There are some features of Medicare plans which are similar to the
social security benefits. Government
employees who face disability due to accidents can apply for the Medicare
benefits before reaching the age of 65. You will get your Medicare card under
which you can avail Medicare benefits for the parts you cover.
If you have held the eligibility
of Part A, then there is a 7 month period which is the initial enrolment period
hewn you can sign up for the part B. make sure that you sign up for the program
because the more delay you are going to do the higher premiums you will have to
pay and your coverage is also going to delay. There is a chance that you can
apply in the general enrollment period every year. You are given with the possibility of high
cost so why you will not enroll right from the beginning? The reason for this
is that you are having medical insurance with you. PART A hospital insurance
provides free features to everyone, part B is having monthly premium, in such case
you must analyze that the additional coverage is worth the cost you pay
monthly. This is going to totally depend upon your personal situation and also
on the type of medical insurance you are already having. Here you can take the
aid of the professional and ask them how your supernal medical insurance and
Part B plan will fit together with low cost and high features. This is
extremely important for the ones who have been covered under any family policy.
You must keep this thing in mind that no private medical insurance or Medicare
insurance covers long term care and nursing home cost. If you face such needs
then you will have to plan for such circumstances personally. If you are having an employer plan then you can choose to delay enrolling with the Medicare Part B
plan.
Both Medicare PART A/B OR NOT?
There is one supplement
policy offered by the Medicare plan and that is Medigap. It is private insurance
and it is going to assist you with the cover of some health care cost which Medicare
does not cover in it such as deductibles, copayments. Medigap is a different
plan as compared to Medicare. You must look for the Medigap features online at
the website of the social security Medicare benefits.
It is important that you have hands-on medical plans that
are accessible to you so that you can take full advantage of these plans. You can
have access to the information online easily at the website of ssa.gov. Also, make sure that you are having your Medicare
cards and social security numbers safely with you.
