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There are several reasons to enroll in Medicare. Here are a few.
Because You’re Eligible
Americans age 65 and older are eligible for Medicare coverage.
Because You Want Coverage
Medicare Part A covers inpatient care in a hospital, mental health facility, skilled nursing facility, or nursing home, along with hospice care and home health care. Medicare Part B is your outpatient coverage, covering you when you visit the doctor or emergency room. It also covers ambulance services, mental health care, durable medical equipment, and limited outpatient prescription drugs. This coverage is the same state to state.
Original Medicare covers you in the U.S. and its territories. You can see any health care provider that accepts Medicare, which expands your coverage area beyond the restrictive networks you may otherwise find in a marketplace health insurance plan.
Take Advantage of Your Tax Dollars
While you work in the U.S., you pay a payroll tax that contributes to Medicare and Social Security. When you or your spouse have worked for more than 7.5 years while paying taxes to Social Security, you will receive a discounted rate on your Medicare Part A premiums. People who have worked and paid taxes for at least 10 years (40 calendar quarters) benefit from what is called premium-free Part A. This leads to significant cost savings, as monthly premiums can be more than $400.
The current workforce is who pays for Medicare coverage. You paid for the people who were Medicare beneficiaries while you were working. Now you can benefit from the same coverage.
Marketplace Health Insurance Is Expensive
If you were to seek the same coverage under Medicare through a health insurance marketplace plan (through Healthcare.gov), you could expect to pay significantly higher monthly premiums. There is also a great deal of variation between plans, which means you have to carefully compare the differences in coverage and costs to find one of the same caliber. Generally, health insurance marketplace plans are the last resort after COBRA coverage. With Medicare, you get standardized coverage across the country and a reliable insurance provider.
You Can Combine Your Coverage
If you still have employer coverage, you can sign up for Medicare Part A and delay enrolling in Medicare Part B (which you have to pay a premium for). Depending on how large your company is, Medicare will serve as secondary coverage and help pay for your covered medical expenses. This can be a crucial safety net in the case of an accident that brings you into the hospital. The same goes if you have veteran health insurance or coverage through your union. Medicare will work in concert with your existing plan to expand your coverage.
Are you wondering whether Medicare is right for you? Let’s have a conversation about your personal healthcare needs. Give Insured for Life a call today.
