If you are planning for your retirement years, it is wise to research Medicare as a part of your preparations. Medicare, a Federal health insurance program for those that meet certain criteria, is a commonality for those over the age of 65. While it can seem confusing or overwhelming at first, Medicare is convenient in the fact that you are typically informed of your eligibility and next steps prior to even coming of age.
If you are wondering if you are eligible for Medicare, and what exactly your coverage would entail, we have you covered with this quick-glance guide.
Medicare has only a few conditions for eligibility for the senior set. To be eligible for Medicare, you must:
- Be 65 years old
- Be a United States citizen or legal resident
- Have lived in America for at least five years
- Have worked for at least 10 years in Medicare-covered employment
Medicare will begin sending you information about the different types of plans prior to your 65th birthday. When you turn 65, you will be enrolled in Medicare Part A, which covers hospital expenses. You can opt out of Medicare Part B, which covers other medical expenses, based on your specific medical situation and other insurance options that you have.
When it comes to Medicare, you can still hold other medical insurance coverage in addition to Medicare. For example, if you retired from a company that provides continuing health insurance or long term care insurance, this would not make you ineligible for Medicare. Instead, you can hold Medicare coverage as well as other supplemental insurance plans.
In addition to Medicare Part A and B, you are also eligible to purchase supplemental insurance through private agencies that are vetted by Medicare. These insurance parts can help you cover expenses that Parts A and B do not cover, such as prescription drugs. If you choose to purchase these supplemental Medicare parts, you will be subject to paying a monthly premium.
As you take a look at your Medicare eligibility and options, it is wise to involve trusted family members and financial advisors into the decision making process. While being Medicare eligible is fairly uncomplicated, knowing which plans to purchase or opt out of can be overwhelming without proper guidance.
Learn More About Medicare
Do you have more questions about Medicare? Check out this other post in our Understanding Medicare blog series: Understanding Medicare: What Is It For?
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