Making Long-Term Care More Affordable

• Report this Comment On September 18, 2008, at 11:23 AM, bjackr wrote:

  Medicare Insurance At A Glance

  Medicare is a health insurance program established by the U.S. government for citizens 65 years of age or older. Its purpose is to provide an affordable health insurance solution for the elderly population so that they can receive the medical care they need. Here you will find basic information on eligibility requirements and the types of coverage offered, as well as resources to further research your Medicare options.

  Eligibility: To qualify for Medicare, you must be 65 years of age or older. The enrollment period for Medicare begins three months before the month of your 65th birthday and ends three months later. For example, if your birthday is June 1st, you are eligible to enroll between March 1st and September 30th of the year of your 65th birthday.

  Types of Medicare Coverage: Medicare is split into three parts-Part A, Part B, and Part D.

  Medicare Part A covers hospital expenses. For most Americans, this insurance is free since they have already paid for coverage through payroll tax deductions. You or your spouse must have 40 work credits (equal to approximately 10 years in the workforce) to obtain this coverage at no cost. For those individuals who have less than 40 work credits, coverage can be obtained at a premium based on any work credits you may have. It is advisable to enroll in this coverage as soon as you are eligible as it allows you to qualify for Medicare Part D.

  Medicare Part B covers doctor and outpatient services. There is a premium associated with this coverage. For 2008, the Medicare Part B premium is set at $96.40 per month for most individuals. It is important to enroll for this coverage as soon as you are eligible because there is a penalty if you enroll after the initial enrollment period. There is an exception but it is better to be safe than sorry.

  Medicare Part D covers prescription drug expenses. As with Part B, there is a premium and a penalty for not enrolling during the initial enrollment period. There is an exception to the penalty-if you already have prescription coverage that is considered to be as good as Part D, you will not be penalized for obtaining Part D when that coverage ends after the initial enrollment period.

  There are two ways to obtain Medicare. You can join the traditional, government-run Medicare program or you can elect to join a private Medicare insurance plan. There are pros and cons to both programs and it is prudent to research both options to find out which one is right for you.

  For more information on Medicare, use the following resources:

  AARP Medicare Information

  Medicare.gov

  Center for Medicare & Medicaid Services

  www.homehealthseniorcare

Add your comment.