In my previous blog I wrote about the Cost and Coverage of Medicare. This blog will address any other coverage you might have and the very important topic of Prescription drugs.
Any other Coverage:
First thing to know about other coverage is that when you apply for Medicare you could possibly automatically lose your current medical coverage. This makes it very important to understand Medicare vs. your current plan.
When you are 65 or older you are not allowed to have Obama Care. You are allowed to keep your employer coverage while you are employed. Talking to a professional for free help, could tell you whether Medicare is better and possibly cheaper than your employer coverage. If you leave your employer, you have 60 days to get guarantee issued Medicare without health questions or penalties.
You can get Cobra but it will be much more expensive than Medicare.
Prescription Drugs:
For seniors what could be more important than their Medications.
Medicare recipients have choices for Prescription drug plans. While there is no perfect solution for drug plans, it is important to recognize that generally having a drug plan can save you money.
A drug plan can also give you access to lots of medications often for no cost.
Some Medicare plans include drug coverage. A Stand alone drug plan might cost an extra premium, but some of these plans have a very low monthly premium.
Medicare tries to convince seniors to sign up for a drug plan when you are 65 by imposing a penalty for every month you don’t have a drug plan. That penalty never goes away if you sign up late. So if you sign up 6 months late you will have a 6 % increase in your monthly drug premium forever.
Drug plans could be viewed as the most complex part of Medicare. Once again professional help is available for free and no obligation.