65 is a good time of life because it means retirement, and there are many people who are looking forward to the Medicare medical insurance that is available. If you are nearing your 65th birthday, then you need to get ready to sign up for Medicare, and also consider other supplemental insurance coverage to go with your Medicare plan.
Here are a few basics of Medicare coverage to help you get started. There are several “parts” to Medicare coverage, and you need to make sure that you understand the A, B, C, and D’s of the insurance coverage:
Under Medicare Part A, most hospital visits and stays are covered, including hospice, home health, and nursing facilities.
With Medicare Part B, you will have your basic doctor’s visits covered. This coverage includes regular checkups, preventive care, lab tests, medical equipment, mental health, outpatient services, and certain types of ambulance services. Some of the coverage might require a separate monthly premium to get the full insurance that you need.
Also, known as “Medicare Advantage Plans,” this section makes it possible for private health insurance businesses to over benefits, such as PPOs and HMOs. Instead of going through the original Medicare offerings, you might choose a Medicare Advantage Plan to get the coverage that you want.
Basic Medicare insurance doesn’t cover prescription drugs, which is where Part D comes into play. Prescription drug coverage is only available through private insurance plans that have contracted with the government. You might have medication coverage through Part C, or you might choose to pay for a separate Part D plan.
Some people mistakenly think that basic Medicare will all types of medical expenses that might come up, but the truth is that you need to understand your plan details to be sure that you have the insurance coverage that is needed.