Spotts Insurance Services, LLC Blog
It's a major effort on the part of the US government to provide affordable health insurance for seniors over the age of 65, people with certain disabilities, and people of any age who have permanent kidney failure. Health insurance is a type of insurance coverage that pays medical and surgical expenses incurred by the insured.
Healthcare today is paid by three entities. The government (who pays more than 50% of the cost), the taxpayers, and the insurance companies. This is really important for several reasons especially for people who cannot afford better health insurance. Being uninsured means receiving less medical attention and care in hospitals.
Medicare Supplement Insurance (Medigap)
Medicare Supplement Insurance policy is offered to senior citizens and the insured. It is sold by private companies and presented to every individual and employee working in it. It helps pay some of the health care costs that Medicare doesn't cover like copayments, coinsurance, and deductibles.
Individuals aging 65 or older are eligible for Social Security or Railroad Retirement benefits. The spouse or former spouse of someone who receives Social Security or Railroad Retirement benefits are also eligible to apply. Employees who worked long enough in a federal, state or local government job to meet the Social Security disability program requirements are eligible.
People who are not automatically eligible but would like to enroll voluntarily if they are U.S. citizens or legal aliens who have resided in the U.S. continuously for at least 5 years are considered eligible.
Applying for Medicare
Where to Apply?
For some people, they need to find a suitable way to apply and submit their application for Medicare. The easiest way is to check online, by visiting the Medicare page and select the appropriate state of residence. Find the correct number to dial in applying and enrolling a health insurance plan. Visit your local Social Security office to submit personally the application of your Medicare.
When to apply?
Please make sure to apply within three months before turning 65. Submit the necessary requirements to your local Social Security office.
Failure to enroll in this three month period, incur a penalty fee. It is better to prioritize this kind of health application ahead of time, to lessen the worry of medical expenses and hospitalization in the future. Following the regular application process, Medicare becomes effective on the 1st day of the month when the applicant turns 65.
Medicare taxes are paid through benefits. Taxes that are paid in the past are now provided benefits to others. Employers and employees pay certain taxes. The higher the income, the higher the premium they pay. However, in some cases, Medicare subsidizes the payment. You pay a premium for your private insurance company for either a "stand-alone" Prescription Drug Plan or a portion of the premium for a Medicare Advantage plan.
Make sure to understand your plans or get assistance from your insurance agent. At Spotts Insurance Services, LLC, we aim to provide comprehensive insurance policies that makes your life easier. You can get more information about our products and services by calling our agency at (570) 742-4500. Get your free quote today by CLICKING HERE