Do people join/get Medicare only for the medical insurance?

Question

I am not 65 yet, but will be soon. I know nothing about Medicare nor do I know why I need it. I may be able to continue my present health care plan if I do NOT get the Part D of Medicare. That is what they said, only I do not know what Part-D is.

Can someone please tell me what I need to know about Medicare and what the benefits are. Does it cost money to join. I need to start gathering information now so I can plan for the future.

I cannot check with anything on the Medicare.gov board "because" ... I am not a member yet.

Thanks.

Answer 1

Medicare is very confusing, so it doesn't surprise me that there is much mis-information in the above answers.

It is impossible to tell you everything you need to know in this forum, but here are the basics:

Anyone can go on medicare.gov to get information. Anyone can order the Medicare & You 2008 booklet or read it on the Medicare website. It will be sent to you automatically when you turn 65.

You will automatically be on Medicare Parts A & B the first day of the month you turn 65. You will receive your card and much information about 3 months prior to your birth month. Part B has a premium of $96.40 (or more depending upon your income) in 2008. You can opt out of Part B. Most people that do opt out have employer sponsored health insurance. Those that don't will have a 10% per year penalty when they do get on Part B. If you continue to work and have employer sponsored health insurance you have 8 months after you retire to get on Part B without a penalty.

Part A covers hospital and inpatient procedures. Part B covers doctors and outpatient procedures. There is a deductible and co-insurance with both parts. Part C is the Medicare Advantage plans and Part D is the prescription drug coverage. Many Part C plans will include Part D. There are also Medicare Supplements (Medigap) that you can purchase but these are generally more expensive than Part C plans and do not include Part D.

For Part C & D you can sign up for a plan in a 7 month period. This period is 3 months before your 65th birth month, your birth month, and 3 months after your birth month. If you don't sign up during this time you can only sign up during annual enrollment from November 15 to December 31 of each year. There will be a 1% per month penalty for Part D and for Part C plans that include Part D, no penalty for Part C plans that don't include Part D. If you currently have other credible coverage, such as an employer sponsored plan, you can keep it and sign up for Part C and D when you come off the plan with no penalty.

If you are retired with employer sponsored heatlh insurance this insurance will be secondary to Medicare. Depending upon the plan this secondary insurance may or may not cover what Medicare does not cover.

As I said earlier this is just the basics. I could write for another hour and still not give you everything you need to know.

Answer 2

You can have both medicare and private health insurance. Medicare just has to pay first.
Part A does not have a premium but it does have deductibles. Part B has a monthly premium, $96 per month, and it uses a coinsurance of 20%. Part D has a monthly premium, average $26, and two deductibles. With Part D, if you do not sign up within 63 days of turning 65 and don't have equivalent drug coverage, you will have to pay a fine when you do sign up. The fine is substantial. It is 1% per month you did not have the insurance. The 1% is based off the base monthly premium of the year you sign up. After the initial 63 days, you can only sign up for the policy between November 15 and December 31.
Part A is hospital coverage, Part B is out-patient services, and Part D is out-patient prescriptions.
Part C is the managed care option. It combines Parts A,B, and D. It works like an HMO or PPO.
All of the general information is on the medicare webpage. You can search for the best Part D plan by using their search engine.
You can also order Medicare and You 2008 booklet. It lists all the benefits of Medicare.
There are also supplemental plans.

Answer 3

Yes medicare becomes your medical insurance because usually people over 65 are retired and no longer receive benefits thru their workplace. Medicare part D is only the prescription coverage, in which you have to select your own plan and depending on your income, is how much they'll charge per month. Your income also controls how much you'll have to pay for each prescription. Once the part D plan you pick pays for so much, they put you in what is called a "donut hole", where you have to pay the cash price for your prescriptions, until you reach a "max out of pocket" then they start covering your prescriptions again, but they'll be paying more and only leave you to pay like 5$ (varies with plan).
Medicare part a & b covers your hospital and md visits. Part B also covers breathing meds and organ transplant drugs.
If you're able to stay on your current insurance and get medicare, I would suggest that, just as long as your current insurance covers prescriptions.

Answer 4

One part of the plan for A, B and D supplement is for drugs the other part is a medical supplement. Don't get the one that AARP pushes called Horizons because I know way too many seniors who can't get in to see their doctors on this HMO. This is serious and has cost people their lives when dealing with cancer and other diseases. Check out one called Todays Options offered through Pennsylvania life. If you are in Texas I can refer you to the same guy who is hooking my mom up with it. Otherwise, research this one on the computer.

If you are allowed to keep your present insurance as part of a pension plan then keep it especially if you no longer have to pay for it. That is what some of my relatives have.. Use medicare as a secondary insurance.

Answer 5

You are required to sign up for Medicare. Your present insurance then pays for whatever medicare does not cover. And you still have to pay as much for your insurance. Welcome to socialized medicine. If your insurance covers prescription drugs, you will not need to take the rip off drug coverage from Medicare. You do need to check this all out. Call the social security office. Stay away from AARP. They are organized thieves who rip off old people.

Answer 6

I dont know who you are trying to kid.....you can contact medicare...anytime for info......if you are eligible for ss payments then you are eligibe for medicare and i dont know why yo would want other insurance instead.....but.....get the advice from the medicare people

Answer 7

You don't have to be a member. You are soooo misinformed! Go this site.

www.medicare.gov/publications/pubs/pdf/10050.pdf

It has all the info you need!