Is Medicare Needs Based?

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Is Medicare Needs Based?

Do I Pay a Premium with needs based Medicare?

This is another common question that we get when people find that Medicare is based on income instead of needs. With Medicare Part A, you usually do not have to pay a premium if you qualify. If you do not qualify, you can still get the benefits of Medicare Part A but you will pay a monthly premium. 

You qualify for premium-free insurance if you paid taxes on Part A Medicare while working for a certain number of enrollment periods. If you did not work but your spouse did, you can also qualify for premium-free insurance. 

If you do not qualify for premium-free Part A Medicare, you can still get coverage by paying a monthly premium. Depending on how long you have paid for Medicare on taxes, you could only have to pay 250 dollars. If you did not pay enough taxes, you will pay around 500 dollars a month. 

When you get Medicare Part A there is a likelihood you will  have to buy Medicare Part B as well. Of course, this depends on your income and what type of insurance coverage you need. Medicare Part A and B cover hospital visits and other medical treatment, such as bloodwork.

Medicare Enrollment

Another concern that people have besides wondering “is Medicare needs based”, is if they have to enroll in all 4 parts. The good news is that you do not have to enroll in all 4 parts. In fact, you can decline to enroll for Medicare. This is a great option if you would prefer to enroll in only 1 Medicare plan. You get the power to pick and choose what Medicare Parts you want. Take the time to look at each plan in-depth to decide what you want to have covered. If you decide on all parts, make sure to check the deadlines and enrollment periods for each one of them. 

It is also a good idea to keep track of each enrollment period in case you are looking to cancel your Medicare. You can enroll and un-enroll in the same period. If you are looking to enroll, you can meet with a Medicare professional and they can get you set up to get your enrollment submitted. This allows you to have the health coverage you want, making your transition to Medicare easy and stress-free. Remember, if your coverage needs to change, you can always contact your Medicare account contact to get things switched over.

Needs Based Medical Insurance

Medicare is all about medical insurance coverage. It is split into 4 different parts and each part covers a different medical need. Medicare Part A covers hospital stays. Part B will cover doctor visits, bloodwork, and certain appointments. You will sometimes hear Medicare Part C referred to as Medicare Advantage Plans. This type of plan combines Parts A & B and in most cases Part D into one bundled plan.  Medicare Advantage plans also typically cover dental, vision and hearing, as well as other extra benefits.  Medicare Advantage plans are offered through private insurance carriers. 

For Medicare Part D, this is going to be the section that covers prescriptions and refills. Basic Medicare which is made of Parts A and B does not include prescriptions  that you may need. This can be disappointing for those that depend upon and need their medication to live. To cover this need for medication, Medicare Part D was created. This lets you get the medication that you need so you can enjoy your life.

Potential Waiting Period

There are several waiting periods that you need to be aware of before you start enrolling in Medicare. The first is that you can apply for Medicare 3 months before you turn 65. Secondly, those 3 months are part of something called the initial enrollment period. This usually lasts 7 months, the 3 before your 65th birthday month, your birthday month, and the 3 months after your birthday month.

If you miss this initial enrollment period, you may be asked to pay a late enrollment penalty. This means you will still get medical coverage but you will have to pay a monthly penalty for missing the deadline. Keep your calendar handy and make sure to keep track of the deadline date so you avoid having to pay a late enrollment penalty. Remember, when asking, is Medicare needs based, the answer is not quite.

For those that qualify for Medicare due to a qualifying disability, there is typically a 2-year waiting period that you need to be aware of before your Medicare will kick-in.  Social Security will make you aware of this and will be able to tell you exactly when your Medicare will start.

Needs Based Medicare and Receive Social Security

You may be thinking about both needs based coverage, Medicare and Social Security. Both of these options are intertwined. This is because they do not impact one another so you want to be aware of what your options are.

Social Security can be taken out before you turn 65. You can start taking Social Security out when you turn 62. If you do decide to use your Social Security Retirement benefits before you turn 65, you will need to wait until you reach age 65 for your Medicare coverage to begin.  The nice thing about starting your Social Security Retirement benefits prior to age 65 is that Social Security will automatically enroll you in Medicare at age 65.

Age 65 or Older for Medicare

The main thing that you need to remember is that Medicare is for those who are 65 and older. Medicare is also for those who are disabled and need additional coverage. Those with disabilities may also be eligible for Medicaid in most states. This is a great way to get medical coverage through a federal program for US citizens. 

If you are not yet 65, that is okay. There is still time to think about Medicare and what you want to do in terms of coverage. If you are nearing the age of 65, you can enroll 3 months before you turn 65. This lets you enjoy your 65th birthday while also having medical coverage. 

It is normal for someone to feel a little bit stressed with the changes. This is where a great insurance agency comes in. You will want someone who knows their stuff when it comes to Medicare. Give us a chance to show you the excellent service that we offer our clients. You can be assured that you are getting the best coverage with your Medicare choices.birthday cupcakes

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