You have questions about Medicare? We have answers. These are five things you should know about Medicare

1) You are eligible for Medicare if…

If you or your spouse has worked for ten years in Medicare eligible employment. You DO NOT need to be eligible for Social Security Benefits to reap the benefits of Medicare. You also don’t have to be 65, if you have a disability, had permanent kidney failure or a kidney transplant, Medicare has you covered. Part A is usually premium-free, but if you don’t qualify for that benefit it costs $426 per month. Medicare Part B’s premium is $104.90 a month (for most people).

2) You may be automatically signed up for Medicare

If you are currently receiving Social Security, Medicare will sign you up automatically. You will have to opt out of Medicare Part B (general medical) if you are not interested. If you keep your both Part A (hospital) and Part B, Part B will automatically be taken from your benefit amount.

3) Medicare Insurance may be beneficial

Part A and B offer good basic coverage and make you eligible for Medicare Insurance: Medicare Part C (AKA Medicare Advantage) and Medicare Supplemental plans (AKA Medigap).

Part C is an affordable way to get the same benefits as Medicare Part A and B from a private company. Part C, however has a local HMO-type network, and may cost you more in deductibles and co-insurance.

Medigap has the same network as Original Medicare and will add extras like 365 additional hospital days, cover coinsurance and deductibles, and might even cover your foreign emergency care, but will generally cost you more per month than an MA plan.

4) Medigap doesn’t cover Rx

Original Medicare doesn’t cover Rx in most cases. If you want drug coverage you’ll want to sign up for Part D when you are first eligible to avoid a penalty.

5) The Donut-Hole is closing

The amount that a senior will pay for prescription drugs under Medicare Part D (called the Donut-Hole) is closing in, so that by 2020 you’ll only be paying 25%. This is great news, as each year the out-of-pocket costs are decreasing. For 2014 the donut hole runs from $2,850 to $4,550, with you paying 47.5% for brand name drugs and 72% for generic drugs.

Next Steps.
To learn more about Medicare Insurance or Rx plans call the number above or click here to get a Medigap instant quote.