20 Oct Top 10 Medicare Questions
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Top 10 Medicare Questions
If you’re nearing the age of 65, it stands to reason that you have some questions regarding Medicare coverage and enrollment. Check out this list of the ten most frequently asked questions (FAQ) about Medicare to ensure that you are in the know.
- How do I sign up for Medicare? This is a great question and an important one at that. Failure to sign up for coverage during the Medicare open enrollment period can be costly, so it is important to understand your options. Thankfully, signing up for Medicare is quite easy, especially if you are already receiving Social Security benefits. If that is the case, you will be automatically enrolled in Medicare Part A and Medicare Part B. You will receive your Medicare identification card in the mail up to three months before you turn 65. If you are not yet receiving any Social Security benefits, then you should apply for Medicare online.
- When should I sign up for Medicare? The Medicare open enrollment period begins three months before you turn 65, and ends three months after you turn 65. Be sure to sign up within the enrollment period so that you are not subject to financial penalties or coverage delays.
- How much will Medicare cost? Medicare premiums and deductibles may vary. However, for your Medicare Part A Premium in 2020, you can expect to pay $458 per month. For Part B, the standard amount is $144.60 per month but this may change depending on your other income.
- Can my dental care be covered through Medicare? Medicare does not cover routine dental care. Medicare also does not cover vision or hearing problems either. To find the best dental, vision, or hearing coverage options, you may want to meet with a Medicare insurance agent or representative that represents other insurance companies.
- What Are the Differences Between Medigap Plans and Medicare Advantage? Medicare Advantage plans are available as an alternative to the Original Medicare plan. Those who enroll in a Medicare Advantage plan are still part of the Medicare program. However, Medicare benefits come through the Medicare Advantage plan, instead of the federally administered program. Essentially, Medicare Advantage takes the place of your Original Medicare coverage. Medigap Plans help to pay copayments, coinsurance, and deductibles that are not covered by Medicare. Basically, Medigap Plans are designed to fill in and cover what Medicare does not. Medigap Plans can be purchased through a Medicare insurance agent.
- How Can I Compare Part D Plans? Medicare Part D is an optional program designed to complement the Original Medicare program. With Part D, you can receive help paying for self-administered prescription drugs. The best way to compare Medicare Part D plans is by using the Medicare Plan Finder Tool on the Medicare.gov website. Once in the tool, you can enter your zip code, medication information, and preferred pharmacy. The tool then lets you know what plans are available and at what cost, taking into account your premiums, deductibles, and copays.
- What is the best company for Medigap coverage? There are several reputable Medigap coverage companies out there. One of the best ways to find one is by talking to a Medicare insurance agent. If you do not have a Medicare insurance agent, you can easily locate one by doing an online search for “Medicare insurance agent near me” using your home computer or mobile device. Investopedia also provides a reputable list of Medigap companies that you may wish to explore further.
- How do Medigap plans work? As stated previously, Medigap Plans are designed to fill in and cover what Medicare does not. Medigap Plans can be purchased through a Medicare insurance agent. When you have a medical appointment, you need to present both your Medicare card and your Medigap card so that your provider can properly file your claim with both companies.
- Where can my Medigap plan be used? As long as your medical provider accepts Medicare, they are also required to accept Medigap coverage, regardless of which company you use.
- When can I change my Medigap plan? The annual election period that takes place from October 15 to December 7 only applies to Medicare Part D and Medicare Advantage. So, you can make changes to your Medigap plan at any time after your initial enrollment period ends. However, you will likely be expected to answer some medical questions to ascertain your eligibility to switch from one plan to another.