It is a well-acknowledged fact that everyone deserves adequate health care or, at least, enough automatic coverage so they can receive the medical help they need with little worry over how to pay for it all. This holds especially true for those still in the workforce, regardless of age. If you are 65 or close to becoming 65, you likely know you qualify to receive Medicare benefits since you’re close to retirement age. However, many people approaching or over the age of 65 do not yet plan on or can enjoy the luxury of retirement in today’s economy. This factor can easily present complications, especially if you already have a health insurance plan thanks to your workplace. We understand your situation and want to help you. Here’s how to navigate the Medicare minefield and receive your proper benefits.
When it comes to Medicare, as well as your health, you want to have at least the bare minimum of protection. This is where Part A, the first form of Medicare supplement insurance, comes into play. Part A takes care of emergencies, including temporary nursing home care and any and all trips to the hospital. While the insurance already given to you by your employer may cover quite a few of your medical expenses, hospital care is frequently neglected in one way or another. Consider Part A to be a safety net of sorts, able to ease your worries about any gaps in your current health insurance.
We have one warning about Plan A: your HSA (or Health Savings Account) will be affected, as you will lose the ability to keep building up the amount. Any money already within the account will still be yours, but if you wish to keep accumulating funds there, Plan A may not be the best choice for you.
Some employer health insurance covers everything but prescription medications. In this case, you may want to invest in Medicare Part D to make sure you can obtain the medication you need at an affordable price. Before you go out and register for this form of Medicare supplement insurance, you’ll want to research your pre-existing coverage to determine whether it already covers medications or not.
If you’re part of a small business’s team of employees, Medicare should most likely be a major priority for you. Many small businesses do not offer extensive health insurance, if any at all. Medicare will then have to become your first and best option when it comes to paying for any and all health care you may need now or in the future.
Regardless of the Medicare policy you choose, you’ll only want to make the decision after researching your current employer’s plan and what coverage, if any, is currently missing. The important thing is to conduct your research and make your purchase in a timely manner. This will help you avoid being penalized and having to pay either exorbitant rates or being barred from receiving any Medicare benefits whatsoever. To learn more about your options, don’t hesitate to reach out to us!