When considering applying for Medicare, you need to know what your options are. The Improving Medicare Coverage Act has made distinct changes to the lives of Americans, leading to improved health benefits. Many Americans over the age of 60 live with little or no medical insurance, making it difficult for them to have access to proper medical care.

There are several groups of people who are eligible for the Medicare program. The program caters to persons aged 65 and above, young people with some disabilities, and persons suffering from end-stage renal failure. Elderly persons above the age of 65 can receive Medicare under two different plans: Part A (hospital insurance) and Part B (Medicare insurance).

Medicare Part A

People who have worked and paid for Medicare for at least 10 years are eligible for hospital insurance without paying any premiums. A person receiving benefits from social security or the railroad retirement board is also eligible. Additionally, persons who are eligible for these benefits but are yet to file for them can also get the Part A benefits.

Part A care helps individuals cover critical access to hospitals, inpatient care, and skilled nursing care. This care does not take custodial care or long-term care into consideration. Certain conditions need to be met by individuals before they are considered for hospital insurance.

Medicare Part B

Part B, Medicare insurance, covers outpatient care, doctor services, and other medically necessary services. Part B care can further cover preventive measures taken like lab tests, screenings, shots, and management of medical problems. This insurance coverage is optional for every individual.

Basic Issues Faced When Applying for Medicare

The main issue faced by individuals applying for Medicare is misinformation, which may cause some eligible persons not to apply. Misinformation can include inaccurate information on drug costs, coverage, and dosage options; copays for individuals; and non-formulary drugs. 

Benefits of Medicare Insurance

Medicare offers different personalized plan structures based on an individual's situation. They also have convenient coverage options. Medicare offers individuals coordinated medical care, which means that medical providers help manage their health and prevent complications from arising.

For more information, find a financial advisor today!