Help with Your Medicare Decision
Your Medicare decisions can be both crucial and challenging. If you have just turned 65 or have just been approved for Social Security disability benefits, there’s no better time to learn more about your Medicare options. If you are Medicare eligible and receiving income from Social Security, such as retirement benefits or Social Security Disability Insurance (SSDI), then you will be automatically enrolled in Medicare Part B. If you’re in need of some Medicare guidance, read below for some helpful advice.
What Are The Different Medicare Parts?
There is certainly more to learn about Medicare, but you’re offered four different options when you are first enrolled:
- Medicare Part A covers hospital visits, stays, and related expenses (no premium)
- Medicare Part B covers doctor’s visits, lab tests, and medical equipment (premium)
- Medicare Part C is A and B combined with extra coverage through an HMO or PPO (premium)
- Medicare Part D covers prescription drug costs only (no premium, but has copays)
Common Medicare Questions
“But what if I don’t want Medicare?”
While you automatically enroll in Part A (hospital), you don’t have to take on any other parts. If you have private insurance you’re happy with, you don’t have to enroll in Medicare Part B until you retire or lose your benefits.
“What if I change my mind later on?”
Making your Medicare decision correctly the first time is very important, but if you’ve changed your mind you may be able to adjust your coverage based on when you qualified, if you receive any extra help with medication costs, your health, and whether you have a life changing event.
“What about supplemental plans?”
There are Medicare supplemental (or Medigap) plans that can help with additional costs. Medicare Part A and B, each have out-of-pocket costs like copays and deductibles. A supplemental plan bridges the gap to cover these costs, as well as other expenses. The good news about changing a Medigap plan in New Jersey is you can do it anytime. Just let your broker know you want to switch.
For additional questions and Medicare guidance, you can contact New Jersey Medicare Brokers LLC for an unbiased helping hand.