Medicare Program and Its Benefit to the American People
For all those who have worked in the US, the Medicare tax is one of the deductions that you ever have seen in your salary. There are many people, however, who have no idea of how the tax will come to be of help to them in the future. Since its implementation in 1965, Medicare has seen a lot of changes. One thing people need to know is that the Medicare tax is not a yesterday thing as it starts to become effective in 1965 and has all along worked to provide health insurance for those over 65 years of age as well as those determined as disabled.
To understand better, this is a program that aims to provide health insurance for the aged in the united states once they retire or a declared unfit to continue working. There is the need to know that one is needed to enroll for this program as it is not automatic. It does not stop at that as you will be required to ensure that you remit monthly premiums so as to enjoy the benefits. Another thing is that there is a penalty when you enroll late than it is scheduled hence the need to be time conscious.
By hitting sixty-five, the first qualification is the part B medical coverage. The part A is the hospital coverage and is usually separate from the part B and has its own costs and coverage through the qualifications are all the same. When you are enrolling for the first time, there is usually a seven month period given to do so. The first 3 months are usually before you turn 65 and the ending the others after you have turned 65. Failing to enroll for Part B during this time makes you a subject to late enrollment penalty the time you enroll.
The other thing that follows after the initial enrollment is the Medicare open enrollment that starts in October and ends on December on specified dates. In this time, one gets a chance to choose the Medicare plan that they like. In such a time you will get to know if you need a separate plan D or A And D which you will learn about them.
It is important to know that you can qualify for Medicare and Medicaid altogether at the same time. This special situation is referred to as dual enrollment and there are millions of who are eligible for these two benefits. Also, you need to understand that you can get Medicare and continue to work as long as you meet a certain income.
There is the need to work closely with an informed person to help you understand Medicare plans before choosing one.