What You Need to Know About Medicare Coverage
Every American employee have the Medicare tax deducted by their employer as required by the law. There are many people, however, who have no idea of how the tax will come to be of help to them in the future. One thing that you need to understand however is that this form of tax helps to offer health coverage for the aged since it becomes effective in 1965. One thing people need to know is that the Medicare tax is not a yesterday thing as it starts to become effective in 1965 and has all along worked to provide health insurance for those over 65 years of age as well as those determined as disabled.
The basis of this cover is to ensure that once you retire or concluded to be physically unable to work have access to medical services. One thing you also need to know is that it is not an automatic program that when you turn 65 it takes effect as you will need to enroll. Also you need to understand that once you enroll, there are monthly premiums you will be paying. Another thing is that there is a penalty when you enroll late than it is scheduled hence the need to be time conscious.
It is crucial to know that when you have retired or be determined disabled, you first qualify for Medicare Part B or the medical coverage. It is important to know that the Medicare Part A is different from Part Band has its own coverage and premiums although the qualifications are similar. When you are enrolling for the first time, there is usually a seven month period given to do so. With the first part, you need to start enrolling 3 months before you are sixty-five and the next three when you have already retired. Failure to enroll in that timeframe usually attracts a penalty.
After you have enrolled, there is a Medicare open enrollment that usually begins on a specific day of October and ends on a given day in December. It is during this time that one has a chance to choose a different plan without the need of Medicare Special Enrollment Period. During this period, you will learn of all the available options that you can add on to part B as the page suggests.
When you have qualified for Medicare, it is also important to know that you are also eligible to the Medicaid program too. This special situation is referred to as dual enrollment and there are millions of who are eligible for these two benefits. The other thing that you need to understand is that you can retire, get the Medicare coverage and still work so long as you make up to a given income.
Getting a knowledgeable representative is advisable before you make a decision to choose a plan.