Most seniors come to rely
on Medicare. Here's some key information about this important health program.
Maurie
Backman
Jul 8,
2018 at 3:18PM
Millions
of seniors rely on Medicare to cover their healthcare needs.
But if you're new to Medicare, you may not understand how the program works --
and that could hurt you at some point or another. Here are five key facts about
Medicare that will help you make the most of your benefits, both now and in the
future.
1. It's
not free
We tend
to think of Medicare as a single program, when in reality, it has several
distinct parts. Part A covers hospital visits and is
generally free for enrollees. Parts B and D, however, which cover doctor visits
and prescriptions, respectively, come at a cost. Additionally, you'll be on the
hook for coinsurance, deductibles, and copayments when you receive treatment or
medications under Medicare, so you'll need to budget for those expenses
accordingly.
2. Your
premium costs can change from year to year
Once you
start paying your Medicare premiums, don't get too comfortable with them.
Currently, the standard Part B premium is $134 a year, but that has the
potential to increase over time. That said, if you're enrolled in Social
Security by the time those premiums rise, you'll be protected by what's known
as the program's "hold harmless" provision. Under
this provision, your Social Security payments can't go down as the result of a
Medicare increase, so if your benefits rise by $20 as part of the
program's cost-of-living adjustments, but Medicare goes
up by $30, you won't have to pay that additional $10 out of pocket provided
your premiums are being deducted directly from your benefits.
3. You
don't need to stick to the same drug plan once you sign up for one
The Part
D drug plan you start out with doesn't have to be the one you retain for life.
In fact, in many cases, it shouldn't be the same plan you use
year after year. That's because plan formularies evolve annually, which means
that you might get superior coverage for the drugs you take one year and less
generous coverage the following year. Rather than settle on a single plan, aim
to review your options annually so that you're getting the coverage you need.
4. You're
entitled to a host of free annual services
Not
everything you do under Medicare has to cost you money. The program offers a
number of free services designed to help you keep tabs on your health. In fact,
you're entitled to a free annual screening for conditions such as:
· Cardiovascular
disease
· Depression
· Diabetes
· Glaucoma
· Obesity
·
Prostate disease
You're
also entitled to a free wellness visit each year with your doctor, as well as
no-cost vaccines against ailments such as the flu.
5. You
don't need to leave your house to receive medical care
Many
seniors have mobility issues that make seeing doctors a cumbersome process. So,
a large number of older folks forgo the care they need to avoid the hassle of
getting to and from medial offices. Medicare, however, has a program in place
to address this issue. It currently offers a telehealth service that allows you
to consult with healthcare professionals via videoconference. Not only can
these remote consultations cost less than your typical office visit, but
they're often easier to schedule, which means you won't need to wait as long to
get the medical advice you need.
Because healthcare is a major expense among
seniors, it pays to read up on Medicare and understand how the program works.
The more you know, the better positioned you'll be to take full advantage of
those benefits when you need them.
The
Motley Fool has a disclosure policy.
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