Medicare
Welcome to Silver Roads Insurance, your trusted partner in navigating the complexities of Medicare in Tucson, Arizona, and beyond. We are dedicated to providing personalized guidance to ensure that all individuals in our community have access to the healthcare coverage they deserve. With a commitment to excellence and a focus on customer satisfaction, Silver Roads Insurance is here to guide you through the Medicare process with care.
What is Medicare and Who is Eligible?
Medicare is a federal health insurance program that provides coverage for individuals aged 65 and older, as well as certain younger individuals with disabilities or specific health conditions. It consists of different parts, each covering specific services, such as hospital stays, medical services, and prescription drugs. To be eligible for Medicare, you must meet certain criteria, including age requirements or having certain disabilities or medical conditions.
Different Parts of Medicare
1. Medicare Part A: Covers hospital stays, hospice care, skilled nursing facility care, and some home health care services.
2. Medicare Part B: Covers medical services, doctor visits, outpatient care, preventive services, and some medical equipment.
3. Medicare Part C (Medicare Advantage): Offered by private insurance companies approved by Medicare, Medicare Advantage plans provide all the benefits of Part A and Part B, and often include prescription drug coverage.
4. Medicare Part D: Prescription drug coverage that can be added to Original Medicare or a Medicare Advantage plan to help with the costs of prescription medications.
Understanding the different types of Medicare can help you choose the coverage that best suits your healthcare needs. If you need assistance or have questions about Medicare and its options, Silver Roads Insurance in Tucson, Arizona, is here to help.
Medicare FAQs
Are you already receiving benefits from Social Security, the Railroad Retirement Board, or disability payments?
A:
If you are, then you will automatically receive your red, white, and blue Medicare card showing effective dates the first day of your birthday month. If you are under 65 and disabled, receiving disability payments from Social Security, you will automatically receive your red, white, and blue Medicare card after 24 months. Otherwise, you may have to sign up 3 months before you turn 65 through your local social security office or online at ssa.gov.
Do you or your spouse have creditable coverage through your employer’s group insurance?
A:
If your answer is yes, then you can delay receiving Part B even if you turn 65 if you are still covered through your or your spouse’s current employer’s group insurance.
What happens if you are planning on moving, lost a job, or are low in financial resources?
A:
There is a Special Enrollment Period that you can sign up for or change your coverage at certain times of the year if you have a Qualifying Life Event. You may be able to get extra help with your Medicare costs if you meet the low-income level.
Did you know about the late enrollment penalty?
A:
If you didn’t sign up for Medicare Part A, Part B, and Part D when you were first eligible, you may have to pay a penalty:
• In most cases, someone turning 65 is eligible to sign up for a premium-free Part A. But if you have to buy Part A and you didn’t buy it when you were first eligible for Medicare, you may have to pay a late enrollment penalty, and your monthly premium may go up 10%.
• Your Part B monthly premium may go up 10% if you could’ve had Part B but did not sign up, and you will pay the penalty for as long as you have Part B. If you didn’t sign up during the initial enrollment period, you can only sign up for Part B during the general enrollment period, and this could cause a gap in your coverage.
• You may have to pay a late enrollment penalty for Part D if you go without a prescription drug plan or creditable drug coverage for more than 63 continuous days. The penalty is 1% of the national base premium ($32.74 in 2020; $33.06 in 2021), and this premium may change each year, so your monthly penalty premium may also change each year.
What happens if you enroll on your birthday or after?
A: If you wait until the month you turn 65 (or the 3 months after you turn 65) to enroll, your Part B coverage will be delayed. This could cause a gap in your coverage, and you might have to pay a higher premium for late enrollment.