More than 50 years ago, the federal government established programs designed to help Americans pay for health care, called Medicare and Medicaid. Because both programs involve a lot of factors, they can fast become a bit complex. To provide information on how coverage works, here are six facts you may not know about Medicare Advantage plans.
- Medicare and Medicaid offer many of similar services, however to different people. Medicare provides services for people 65 and older and with other eligible conditions, while Medicaid is a program for low-income Americans based on their financial needs. The government continues to evolve and expand programs to adapt to the ever-changing health environment.
- Medicare coverage is made up of four parts. Each part insures different aspects of medical bills. When searching Medicare, you may come across the term “original Medicare”. This refers to what is now known as Part A & Part B.
- Part A is the part of hospital insurance, which covers hospitalized patient stays in hospitals, specialized nursing facilities, palliative care centers, and sometimes also home care services. Depending on your situation, you may automatically enroll in Parts A and B or you may need to register.
- Part B covers among other related expenses: physician visits, durable medical equipment, home health care and preventive services.
- Part C (Medicare Advantage plans) provides Part A, Part B and, generally, coverage of drugs controlled by private insurance firms. You have to be registered in Part A & Part B before you can receive Part C coverage.
- Part D includes outpatient coverage for prescription drugs by private insurance firms. You must be registered in Part A or Part B before you can receive Part D coverage.
- Every person can sign up for Medicare eventually. Now, there are 3 different times you can apply for Medicare Parts A & B:
- Initial application period: After you are 65, you can apply within three months on each side of your birthday month.
- General Registration Period: If you do not register during the initial registration period, you will have the option to register each subsequent year from January 1 to March 31.
- Special Enrollment Period: You can start Medicare at any age if you have a condition that qualifies you. A condition which qualifies may include certain cancers, disabilities, or end-stage disease. After the initial enrollment period has expired, you may sign up for Medicare during a special registration period due to a qualifying event, such as departing from current coverage or losing employer coverage.
Never trust a stranger with your finances no matter how faithful they
Sometimes we seniors tend to trust strangers with our finances especially when we do not have relatives or heirs to our wealth. As much as we would like to make them feel like they are being rewarded for being faithful, we should not entrust everything to them. You can visit https://www.healthinsurance2020.org. If you have no one to manage your finances, then it is very crucial to look for other ways of making sure that your finances are secure and safe. Always remember that your finances after retirement will be your source of help since you have no one whom you call a relative or heir. Instead of entrusting your finances to an outsider, here are a number of ways to do in order to keep your finances safe during your senior age.
Allow the bank to
manage your finances
With the current world, it is now very possible to allow a
bank to manage your finances as long as those finances are held on their
account. As soon as you entrust a bank to manage your finances, here are some
of the services they will offer. First, they will make sure that your monthly
bills are paid on time without delay. Although they do this for a small fee,
you stand a chance to become efficient in terms of payments for services.
Secondly, once given standing orders, the bank will never forget to complete
any transaction given. Unlike depending on your memory, the bank will always do
payments and receipt of payments on time and they never forget anything you
order them to do. Thirdly, the bank will always notify you in cases where your
signature is required.
Allow the power of
Attorney to be the final decision
Considering that you are a senior who has no heir or
relatives, it is very crucial to make sure that you entrust your finances to an
attorney. With an attorney, you will have an opportunity to decide how your
finances will be run or how they will be shared when you are no more. The
attorney in this case well act as your financial trustee and not someone who
has interest on your finances. Unlike entrusting a stranger or a non-relative
to your finances, an attorney will always execute that which has been agreed
between you and him/her. In so doing, you will have avoided financial risks
associated with entrusting your finances to a stranger.
Avoid using your
social security funds until when you have run out of strength
Seniority can be described by old age that comes with lose of strength as we advance in life. That being a fact and something natural, it is very important to make sure that our finances are so secure so that it can be able to last us till the end of our days on earth. Consider getting help by visiting here http://www.medicareadvantageplans2020.org and save money for your retirement. There are some of those seniors who will start consuming their social security funds as soon as retire. No one is against such an idea but it is better to survive on other means and save of your social security funds. Someone will ask, “Why should I wait until am too old and without teeth so as to start enjoy my retirement finances?” There are a number of reasons why you need to follow this advice.
Delaying your social security
spending helps you save for later
that social security funds comes on monthly basis, saving it in your bank
account will ensure that you have enough finances crucial for your aid during
your old age. As you grow old, it is natural that you will run out of strength,
you will never be able to work and you may start being dependent on others.
Now, in order to make sure that you don’t depend on anyone financially. Seniors
should therefore make sure that they delay spending their social security
finances so that it can finance your later old age.
Your social security is your source
of income for old age
important to remember that you have no other source of income as soon as you
retire. In order to increase the amount of money you can withdraw per moment in
terms of security fund, you need to make sure that you delay spending your
finances until when you are about 70sand if possible, start consuming large
percentages at 80s.
Choose the right retirement finance
Just like we have said, you need to choose the right finance plan during your retirement. That means you need to select a plan that does allow you to start benefiting when it is the right time. Always choose a plan that ensure that your finances are spread throughout your life. For example, if you have just retired, you need to choose a plan where you only claim your social security funds at the right moment.