As people get closer to retirement age they start looking at their healthcare options. Typically, that involves Medicare, because it’s the most common way for older people in the United States to have healthcare coverage. However, understanding who qualifies, when they can get coverage, and whether there are exceptions that need to be considered can be confusing and frustrating.
There are also additional supplements that can be added onto traditional Medicare, so anyone planning on signing up will want to decide whether to add those, as well. Here’s what to consider when you’re about to retire and are looking into Medicare eligibility.
What Is The Medicare Program?
Medicare is a federal health insurance program that’s mostly designed for people who are 65 and older, although it also covers certain younger people who have disabilities, along with those who have end-stage renal disease (ESRD) or Lou Gehrig’s disease (amyotrophic lateral sclerosis, or ALS). Established in 1965, Medicare provides several different types of coverage. These include hospital care (Part A), medical services (Part B), and prescription drug coverage (Part D). Additionally, there’s the option to enroll in Medicare Advantage plans (Part C), which offer an alternative way to get Medicare benefits through private insurance.
Who Qualifies For Medicare Coverage?
People over 65 years of age are the biggest group when it comes to qualifying for Medicare. That includes retired federal and state employees, along with people who have worked in the private sector and those who are self-employed. If you’re getting close to age 65 and haven’t looked into what Medicare can offer you, now is a good time to start exploring the benefits and options.
People with ESRD who require a kidney transplant or dialysis may be eligible for Medicare no matter what age they are, and that’s also true for ALS, and for people who receive SSDI (Social Security Disability Insurance). If you have one of these situations, or someone in your family does, it’s important to find out if you might be able to get coverage.
Medicare & Retired Federal Employees
Retired federal employees often have unique considerations when it comes to Medicare eligibility and coverage options. For example, many of them are covered under the FEHB Program during theyears they work. When they retire, they have the option to enroll in Medicare. While FEHB coverage can work alongside Medicare, it’s essential to look at medicare options for retired federal employees to determine the most cost-effective and comprehensive coverage.
Most retired federal employees are eligible for premium-free Medicare Part A based on their work history or that of their spouse. Part A covers inpatient hospital care, skilled nursing facility care, hospice care, and some home health care services. Retired federal employees are also encouraged to enroll in Medicare Part B during their initial enrollment period, which is generally around their 65th birthday. This part of Medicare covers doctor visits, outpatient care, preventive services, and durable medical equipment.
Medicare Part D offers prescription drug coverage. It’s important to compare Part D plans to ensure coverage for needed medications at a reasonable cost, because some medications can be difficult to pay for without insurance coverage. Many people also opt for Medicare Advantage plans offered through private insurers. These provide benefits beyond original Medicare, such as vision, dental, and hearing coverage.
Retired federal employees might also have access to dental and vision coverage through FEDVIP. Medicare generally doesn’t cover routine dental and vision care, but FEDVIP offers supplemental coverage options.
Medicare Offers Important Protection
Medicare plays a big role in providing healthcare coverage for millions of Americans. Understanding who qualifies for Medicare and navigating the coverage options isn’t always easy, but it’s important. If you’re moving from employer-sponsored health plans like FEHB, you can familiarize yourself with Medicare eligibility criteria and available coverage options, so you can make the right decision for healthcare coverage and protection during your retirement years.
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