Medicare is health insurance that’s primarily made for those 65 and older. It functions as a typical health insurance policy and can save beneficiaries thousands of dollars when it comes to medical costs. Understanding Medicare and the way its coverage works is essential, so let’s go over some of the basics.
There are two main policy options, Medicare Advantage and Original Medicare. Which option you pick will depend on how much flexibility you want your policy to have and the type of coverage you want it to provide. If you want to be able to add additional areas of coverage, then you’ll most likely want to select a Medicare Advantage policy. If you want standardized coverage that includes many basic costs, Original Medicare might be the best choice.
Being enrolled in two different health insurance policies, also known as dual enrollment, is entirely possible with Medicare. One of the most common dual enrollments includes both Medicare and Medicaid. This is an excellent option for those that are in a low-income bracket. Eligibility for Medicaid primarily depends on income, while Medicare eligibility primarily depends on age.
Having both policies is a great way to make sure that you’re saving as much money as possible and using your policy to its full extent.
Medicare is very specific about enrollment periods. Special Enrollment Periods are granted to those with special circumstances, such as those who have employer health insurance when they would typically enroll in Medicare. Getting a Special Enrollment Period means that you can choose to delay enrollment if that makes the most sense for you.
Saving money is important, and that’s why Medicare exists. In fact, enrolling in two different policies is one of the best ways to save as much money as possible on your medical bills. Understanding your policies and what they include will help you make educated and intentional decisions to save you as much money as possible.
If you’re curious about ways to maximize your health insurance, it can be helpful to reach out to an insurance agent that can provide you with some answers.
If you’re ready to work with an insurance agent, you can give us a call, and we can set up an appointment. Working with new and existing clients is something we love doing, so we look forward to speaking with you and discussing all of your Medicare options!