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5 Reasons Medicare is Right for You
As you inch closer to eligibility, you might be wondering if Medicare is right for you. That'sThat's perfectly normal!
You've probably heard some complaints - prescription drugs cost too much, Medicare isn't paying claims, Medicare isn't paying for some equipment, etc. - and are careful about signing up for Medicare.
But the thing is, Medicare's full range of services, including preventive and periodic screenings, prescription drug payment, hospice benefits, etc., have helped millions of older Americans stay healthy and have stability of mind.
If you're considering various healthcare insurance options, here are 5 good reasons Medicare is the right one for you.
#1. Guaranteed Affordable Healthcare
Medicare was established in 1965. Before then, healthcare for seniors was expensive, and only about one in two older Americans had insurance.
Most insurance didn't even cover serious ailments. If they got hit by severe illness, seniors who could afford it dip into their nest egg. Those without savings relied on their children, who might not have the finances. Some had to live out their days without care.
Medicare helps seniors access the healthcare they might otherwise not be able to afford. With Medicare, there's guaranteed affordable healthcare for every eligible senior.
#2. You Pay Lower Premiums
For most people, Medicare Part A is free, enabling you to get in-patient medical care at hospitals and skilled nursing facilities. Part A also covers some hospice care.
For Medicare Part B, you'd have to pay a monthly premium of $148.50. This isn't only cheaper than most other insurance premiums, it tends to increase slower than most private insurance plans.
Between 2010 and 2015, Medicare insurance premiums rose by just 1.5% each year. And since 2013, the increase has been by about only $25.
Compare this to the 125% increase in private insurance premiums and you'll realize that Medicare is cheaper.
#3. Offers a Range of Healthcare Services
With Medicare, you get access to a range of healthcare services, including hospital and hospice care for terminally ill patients so you can live comfortably for the rest of your life.
Medicare Part B offers preventive and regular screening and checks for depression, breast cancer, vaginal cancer, prostate cancer, cardiovascular illnesses, cervical cancer, diabetes, etc.
For expensive prescription drugs, Medicare Part D comes in handy.
#4. Gives You Lots of Options
Another reason Medicare is right for you is the variety of options it offers. If you go with employer health insurance, there's a limit to the plans available, and whatever you choose, you're stuck with it.
Medicare Advantage offers the opportunity to choose from over 33 different plans, ensuring that you select a coverage that's best for your health.
And with Medicare, you're never stuck. During the Fall Open Enrollment Period, you can make changes to your plan.
#5. Access to New Benefits
With Medicare, you're sure to get access to new benefits that ensure you receive optimal care as a senior.
That's because recommendations are constantly being reviewed and accepted. Some recent changes to Medicare Advantage include meal delivery, non-medical transportation, etc.
IRMAA Life Event Form
First, you need to obtain and fill out a life-change event form so that you can notify the Social Security Administration of this event.
A copy of the page in the letter that you received from the Social Security Administration
Next, you need to obtain the page describing the year and income that the Social Security Administration is trying to penalize you for to raise your Medicare rates. Make a copy of that one page that shows the income you made in 2018; then, you can package that copy with the other items.
Estimated current year income
Moving forward, you need to write down your estimated income for 2020. You can type this up and incorporate you and your spouse's expected income. Income includes Social Security income, interests on savings, 401K, and more. At the bottom of the page, add the total income for you and your spouse. Highlight it with large font, so it is clear to the Social Security Administration.
Proof of life-event
Lastly, you need proof from your employer or another party that you have experienced a life-changing event that has had an impact on your income. Whether that comes in the form of a letter, an email, or another type of communication, it's necessary.