Top 3 Reasons Why Seniors Need Medicare
Seniors who don’t have employer coverage or another form of insurance can benefit greatly from Medicare. If you have other forms of major health insurance, enrolling in Medicare may still be a good idea. With Medicare, you can have a variety of health care costs covered, allowing you to save more money in retirement.
If you are on the fence about signing up for Medicare, this is why we think you should sign up today.
Avoid Late Enrollment Penalties
If you choose to delay your enrollment in Medicare, it may cost you heavily in the future. While Part A may be acquired premium-free by people who have paid sufficiently into Medicare taxes, the same does not apply for Part B coverage. If you wait to enroll in Part B, you may be hit with a substantial late enrollment penalty. This penalty amounts to 10 percent for every 12 months that you waited to enroll in Part B. The penalty is applied permanently, meaning you will have to pay the increased amount for as long as you have Medicare coverage.
In some instances, you can avoid the penalty for enrolling late. For example, if you had qualifying employer coverage or another form of major health insurance, you could qualify for a Special Enrollment Period. If you do qualify for one, you can apply for Medicare benefits without paying the late enrollment penalty.
Part D prescription drug coverage may also come with a penalty if you wait to apply. Speak to an insurance professional to learn whether you will be hit with a penalty and how to avoid them.
Pay Less For Health Care Services
Some health insurance plans only cover a specific range of services. If you choose Medicare as your insurance provider, you can be sure that your core needs are taken care of. Also, your employer-based coverage probably won’t last forever. By planning ahead and organizing your Medicare benefits, you can make sure you are prepared for the future.
Medicare Is Affordable
Medicare is an incredibly affordable coverage option that is designed for seniors who are approaching retirement or currently retired. An important relevant note is that Americans pay Medicare tax while they are working and that tax income goes toward paying for Medicare benefits. Therefore, you’ve already been paying for Medicare during your working life. Why not accept the benefits you’ve been paying for as soon as possible? Especially knowing that Part A benefits can be acquired with no premium costs in some instances.
Do You Need Medicare? We Can Help
If you are ready to enroll in Medicare, you should get help from the Medicare professionals at Innovative Senior Benefits. We can guide you towards insurance coverage that works for you. Contact us today to get started with a free consultation.