Must-Know Facts About Medicare

What do you know about Medicare healthcare insurance?

Discover different options that are available in the U.S. under Medicare plans. (Picture source: Flickr.com)

If you are approaching retirement age or are just about to sign up to a Medicare plan, there are several things you should know before doing do. Let's take a look at some facts that might change your ideas.

It isn't free

Many people have the nice idea that once you have done your bit for your country you can get a break from your healthcare insurance. That just isn't true. Medicare covers less than two-thirds of the costs of the average senior's healthcare costs. If you have expensive medical treatment, you are still going to have to dig deep to fund it. Signing up to a basic Medicare plan isn't going to protect you from those costs. Instead, you might want to consider a Medicare Advantage program or another private health insurance plan.

90% of people pay too much

Medicare is so complex that most people are paying too much for their plans. In fact, over nine out of ten people could save money by switching. That's an astonishing amount of money that is being wasted by the average household. If you are struggling to get to grips with all the different plans, you could benefit by talking to a health insurance advisor.

It doesn't cover everything

There are a lot of conditions that affect elderly people that get worse with age, and require routine checkups. Unfortunately, Medicare doesn't cover all of them. Any dental care, visits to the opticians and use of hearing aid will have to be covered by you or another health insurance plan. Also, if you need to receive assisted living care or move into a nursing home, you won't receive cover from your Medicare plan.

You will find that Medicate plan doesn't cover certain expenses, such as dental, hearing aid use and visits to the opticians.

You could pay less with a PPO

A Medicare PPO plan is something that is offered by a private insurance company. It is a type of Medicare Advantage Part C plan and uses a network of doctors, hospitals and healthcare facilities. Take a look at the Anthem Medicare Preferred plan to see the sort of thing to expect. It is important to note that if you use a different provider to those in the network, you will pay more. Therefore, it is essential that you do a thorough check of the preferred providers in your area. If they are limited, then it probably isn't your best option.

It pays to be early

You can sign up to a Medicare plan up to three months before you turn 65. It is advised that you do this as soon as possible. If you leave it more than three months after your 65th birthday, you will have to pay higher premiums because you are late. It's worth bearing in mind that these are permanent! Therefore, no matter how hard it is to wade through the Medicare paperwork, you have to put aside the time to do it before this period runs out.

Do you have any more tips about Medicare plans? We would love to hear about them, so let us know in the comments section. Tell us about the problems you have faced or ingenious ways that. Medicare has worked for you.

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