Seniors! Make Sure You Know Your Medicare

The world of healthcare, health insurance and the medical industry has changed in more ways than most can articulate or document, within the last several years. Insurance plans are a challenge for most people to read and understand, and coverages can change each year without much warning. It’s also not surprising to receive large medical bills after appointments or procedures, that are completely unexpected. Navigating this system for the younger generations is a challenge in and of itself, and more complexity is added when caring for an elderly loved one with Medicare coverage. It provides many benefits for a wide portion of the population that need it most, and perhaps many of the younger generations will benefit from it as well, when the time comes. There are many intimidating factors to consider when navigating the world of Medicare coverage, let’s take a look at the top 3:

1. When to enroll and timeline of coverage. The time period to enroll in Medicare for the next coverage year is January 1st through March 31st, and coverage enrolled in that period begins on July 1 through the following year. While there are late enrollment periods available, it’s best to enroll during the window of general enrollment, so there are no late fees or increases in premium. Notices are sent in the mail, and information is available online as well.
2. Who is eligible? Those turning 65 become eligible to enroll three months before their 65th birthday, and are eligible forever after that. There are some exceptions for some before and after that age, and that should be explored if there are medical or other considerations to be factored into the decision and need. No matter where you are now, it could be very beneficial to take some time to do some research and planning in advance for the future.
3. What’s covered? Health care, doctors appointments, prescription plans, hospital visits and necessary procedures, fitness memberships in some cases and so much more. It’s truly worth exploring with your loved ones, with their individual needs in mind, in order to get the best coverages available for them, as everyone’s needs can vary greatly. From basic coverage to more advanced and comprehensive coverage, everyone’s needs range as we are all unique and different, especially when it comes to health preferences and conditions.

No matter where you are right now in your journey or needs of Medicare coverage, either for yourself, or for an elderly loved one, it’s worth exploring all of the information that’s available for the current enrollment and next enrollment period’s coverages. Changes in pricing and benefits can vary, and these are best handled when not caught by surprise in an untimely scenario. Our health is one of the most important factors of life, as it’s the very base of life and longevity. Taking care of health is of the utmost importance, especially as we age, and Medicare is one such vehicle that enables that level of care for the health of millions.