If you’re 65 and older, chances are you know about Medicare or are at least learning about it. However, there is a lot to know, so I’m giving you five facts about Medicare that you may not realize.
Once you turn 65 and start collecting social security benefits, you must enroll for Medicare. You can choose from two options: Medicare A, which covers hospital costs, or Medicare B, which covers doctor visits and other medical insurance services. If you don’t enroll in any coverage plan from Medicare after you’ve turned 65, it can end up hurting you in the long run. You’ll have to repay any social security benefits you’ve received since turning of age. If you delay receiving social security benefits and are over 65, you don’t have to enroll in Medicare; however, this can be done by continuing to work.
There Can be Consequences if You Don’t Sign Up For a Medicare Plan
Did you know that you can get penalties against you if you don’t enroll in Medicare B when you’re eligible? Medicare B becomes available for anyone turning 65, three months before their birthday month or three months after their birthday month. If you don’t enroll within those seven months, you can receive a 10% deduction fee for every year you aren’t registered. Of course, this is only if you choose Medicare B over Medicare A.
Medicare Has Only Been Around For 57 Years
In 1965, Medicare was first introduced, with President and First Lady Truman being the first recipients of the program benefits. With that being said, who started Medicare? The Social Security Administration founded Medicare and Medicaid. Another historical fact about Medicare is that it helped the desegregation of hospitals after the Civil Rights Act. If hospitals wanted to keep receiving funds from the government, they had to comply with the new act. Here are some more historical facts about Medicare.
There Are Four Different Parts of Medicare
As stated earlier, a couple of options for enrolling in Medicare exist. There is Medicare A and Medicare B, but there is also Medicare C and Medicare D. Medicare C and D are both through private insurance, and some may include dental and vision coverage or prescription drug coverage. Although there are a lot of plans, which can confuse many seniors, having options is a good thing. For example, about 74% of Americans enrolled in Medicare A are also enrolled in Medicare D, which will cover prescription drugs.
Medicare Will Pay For One Free Wellness Exam Per Year
Did you know that Medicare pays for one free wellness exam each year? You can receive this exam if you’ve been enrolled in Medicare plan B for 12 months. Although it is a free exam, it’s not technically a physical exam and should not be seen as one. This wellness exam will consist of questionnaires from your doctor to help assess your overall well-being. A cognitive exam will also be given during this wellness exam to screen for signs of dementia and Alzheimer’s. If your doctor deems that you need any other tests or exams during this visit, you may have to pay for those, as Medicare may not cover them.
Medicare Can Be Confusing – Talk With An Experienced Medicare Agent Today
Here at Rob Edgar Insurance, I know just how much information there is about Medicare and how it can confuse many. So I welcome you to book a no-obligation meeting with me and let’s look over your options. I want to ensure you have the best plans to protect your future.