Medicare Program and Its Benefit to the American People
Every American employee have the Medicare tax deducted by their employer as required by the law. There are many people, however, who have no idea of how the tax will come to be of help to them in the future. It is important therefore to understand that Medicare tax works to provide health insurance for the aged who qualify for the same. However, it remained true to its foundation which is to provide health insurance for the elderly and those with certain disabilities.
The Medicare program works in such a way that when you retire or determined to no longer be physically fit to work, it provides you with the health insurance you need. However, this does not mean that you will have to wait and expect that automatically you will be assumed to the program when you have retired as enrollment is needed. Also you need to understand that once you enroll, there are monthly premiums you will be paying. Additionally, you will be penalized if you do not enroll within the given timeframe or follow the given rules.
When you turn 65 years of age or you have certain disabilities, there is the need to know that you qualify for the medical coverage or what is known as Medicare Part B. There is a Part A which is different from part be and usually attracts its own cost different from those of part B. The time frame that is given for enrollment purposes is usually 7 months. With the first part, you need to start enrolling 3 months before you are sixty-five and the next three when you have already retired. Failing to enroll for Part B during this time makes you a subject to late enrollment penalty the time you enroll.
After you have enrolled, there is a Medicare open enrollment that usually begins on a specific day of October and ends on a given day in December. The period allows one to get to decide the perfect Medicare plan that they feel comfortable taking without the need of a special Medicare enrollment period. You can decide whether you want a separate Part A, B and D plan which includes drug medication coverage or and an all-inclusive Medicare Advantage Plan.
Another important thing you need to know is that you can both have Medicaid and Medicare 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.
If you happen to qualify for Medicare coverage, it is important to speak to a qualified representative to help you get a better understanding of the plan that suits you.