Hayek Insurance Blog
Are you ready to retire? If so, you need to know how your retirement plan works and how to access medical expenses. There are 4 parts in Medicare; A, B, C, and D that cover various needs in healthcare.
To know how medicare works after retirement, continue reading.
Part A in medicare is for hospital coverage. It pays for hospital admittance fees, hospice, nursing home, and specific home care benefits.
Part B (Medical)
Medicare Part B covers diagnoses and treatment of medical conditions. Not only that but also prevention measures for flu. Included are inpatient and outpatient doctor’s services along with prescriptions.
Part C(Medicare Advantage)
Part C is Medicare advantage that offers extras such as dental, visual, and wellness care.
Part D (Medigap)
The last part is D which includes medication prescription. The plan places drugs on rank, which has an equivalent cost.
What is Medigap?
If you don’t have part C in your Medicare, you can have Medigap instead. This option can give you a lot of deals and can help you out with any out-of-pocket expenses. In some cases, it can also give you coverage not included in your Medicare plan.
There’s also a one-time Medigap which lasts from 6 months and begins one the 1st month after you turn 65. During this timeframe, you can opt to buy a Medigap even if you’re not sick.
Initial Enrollment Plan
All four parts of Medicare should be enrolled 3 months before your 65th birthday and ends the 3rd month after you’ve turned 65. If you don’t sign up in the initial interview, there’s a tendency you’ll get permanent high premiums.
Special Enrollment Period
If you missed the initial enrollment, you’d be qualified to go to special enrollment if your spouse’s group health insurance covers you. During the SEP, you’ll be required to enroll no later than 8 months.
Medicare works in various ways during your retirement. Furthermore, it provides a lot of coverage depending on your needs. Whether you’re retired now or not, it’s important to take note of how Medicare works.
At Hayek Insurance, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (805) 496-8835. Get your free quote today by CLICKING HERE.