Medicare is a federal medical insurance, established by Congress in 1965, for individuals who are ages 65 and older, disabled, or suffering from unique ailments such as End Stage Renal Disease (permanent kidney failure requiring dialysis or a transplant, sometimes called ESRD), Black Lung, and other applicable illnesses. Medicare currently serves more than 44 million enrollees and is funded through the Hospital Insurance Trust Fund and the Supplementary Medical Insurance Trust Fund.
Anyone who meets the general eligibility requirements mentioned above should contemplate and evaluate their need for Medicare as a medical insurance option. In addition, eligibility for Medicare requires that an individual is:
Typically, Medicare should be applied within four months prior to turning age 65, during the disability application process, or after an individual no longer has a group health plan through current employment.
Document all of your necessary prescriptions and treatments. Then spend some time researching the various types of Medicare policies available where you live and which ones include your prescriptions and treatments.
Keeping a record of several years’ worth of healthcare expenses will help you project which types of healthcare you might need and how much they will cost. While you may only require a little bit of healthcare now, it is a possibility that as you age, your healthcare needs will increase.
There are two main Medicare packages to consider: Original Medicare and Medicare Advantage.
For most families, the standard Medicare Premiums will apply, but for others, you may be subject to higher premiums. However, it is important to note that there are ways to request your Medicare premiums to be reduced in some circumstances.
With these four things in mind, applying for Medicare should be less of a hassle and make it easier to transition into your new healthcare coverage.