Talking With Insurance Companies

Once a person reaches the age of 65, the time to start thinking about Medicare has passed. For many people, it is now time to spring into action and sign up for a Medicare plan so that they do not face any financial penalties. For this reason, the planning phase should begin before a person reaches this age. If you are approaching the age to sign up for Medicare, here are some of the things you should do now. 

1. Learn Your Sign-Up Date

Medicare does not have a preset open enrollment period that applies to everyone. Instead, the window for enrollment is based around your birthdate. Each person has a set period to sign up for this coverage without penalty, which includes the three calendar months before your birthday, your birthday month, and the three proceeding calendar months. For instance, for a June birthday, a person would have from March 1st to September 30th. 

2. Assess Your Current Situation

Find out what your particular healthcare needs are. Enrollment in Medicare Part A is often standard, but not everyone needs part B coverage. If you are still employed or retired and have an employer-sponsored healthcare plan or you are covered under your spouse's plan, you may not need to sign up for Part B. Ensure you know where you stand so that you do not sign up for unnecessary coverage.

3. Learn What is Covered

You must learn what is covered and what is not. One factor that is sometimes overlooked is that Medicare Part A and B are only for your healthcare expenses; they do not include prescription coverage. If you sign up for these plans and you do not add a prescription coverage plan, you could face increased costs. Before you sign up, learn what each program offers. 

4. Research Financial Assistance Programs

There are programs available that can help some people cover the cost of their Medicare premiums, but there is often an application process. To avoid delays and ensure you can get the help you need as soon as possible, it is a good idea to find out what programs you are eligible for so that you can gather any required documentation you will need to include with your application beforehand. 

Medicare is a benefit you can take advantage of, but it can only benefit you if you choose your coverage wisely. Ensure you take the time to go through each of these steps to ensure you make the right selection for your healthcare and financial needs.