Medicare Program and Its Benefit to the American People
Medicare tax is a federal tax which is automatically deducted to every employee by their employer. It helps in that when one becomes eligible for Medicare, he or she will automatically receive this medical insurance. 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 basis of this cover is to ensure that once you retire or concluded to be physically unable to work have access to medical services. 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. Another thing is that there is a penalty when you enroll late than it is scheduled hence the need to be time conscious.
When you turn 65 years of age or you have certain disabilities, there is the need to know that you qualify for the medical coverage or what is known as Medicare Part B. There is a Part A which is different from part be and usually attracts its own cost different from those of part B. The enrollment to the program usually takes a period of 7 good months. With the first part, you need to start enrolling 3 months before you are sixty-five and the next three when you have already retired. Failure to enroll in that timeframe usually attracts a penalty.
After you have enrolled, there is a Medicare open enrollment that usually begins on a specific day of October and ends on a given day in December. It is during this time that one has a chance to choose a different plan without the need of Medicare Special Enrollment Period. In such a time you will get to know if you need a separate plan D or A And D which you will learn about them.
Another important thing you need to know is that you can both have Medicaid and Medicare at the same time. This special situation is referred to as dual enrollment and there are millions of who are eligible for these two benefits. The other thing that you need to understand is that you can retire, get the Medicare coverage and still work so long as you make up to a given income.
There is the need to work closely with an informed person to help you understand Medicare plans before choosing one.