Understanding Better the Medicare Program
For all those who have worked in the US, the Medicare tax is one of the deductions that you ever have seen in your salary. However, there are people who have no idea of how this Medicare tax is of importance. It is important therefore to understand that Medicare tax works to provide health insurance for the aged who qualify for the same. However, it remained true to its foundation which is to provide health insurance for the elderly and those with certain disabilities.
The Medicare program works in such a way that when you retire or determined to no longer be physically fit to work, it provides you with the health insurance you need. One thing you also need to know is that it is not an automatic program that when you turn 65 it takes effect as you will need to enroll. Also you need to understand that once you enroll, there are monthly premiums you will be paying. Additionally, you will be penalized if you do not enroll within the given timeframe or follow the given rules.
It is crucial to know that when you have retired or be determined disabled, you first qualify for Medicare Part B or the medical coverage. The part A is the hospital coverage and is usually separate from the part B and has its own costs and coverage through the qualifications are all the same. The enrollment to the program usually takes a period of 7 good months. It works in such a way that you enroll first during the six months before you reach 65 years and the others you continue after your sixty-fifth birthday. However, it is important to know that when you enroll later than these dates you get a late enrollment penalty when you do so.
The other thing that follows after the initial enrollment is the Medicare open enrollment that starts in October and ends on December on specified dates. In this time, one gets a chance to choose the Medicare plan that they like. During this period, you will learn of all the available options that you can add on to part B as the page suggests.
It is important to know that you can qualify for Medicare and Medicaid altogether at the same time. There is a lot of Americans who have taken advantage of this special circumstance that is known as the dual enrollment. Also, you need to understand that you can get Medicare and continue to work as long as you meet a certain income.
Getting a knowledgeable representative is advisable before you make a decision to choose a plan.