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5 important facts about Medicare Planning

On Behalf of | Feb 22, 2022 | Estate Planning

If you qualify for Medicare, there are many aspects you need to know about it. You need to see what you are eligible for and how you receive your benefits.

According to the Kaiser Family Foundation, there were 62 million Medicare beneficiaries in 2020. Whether you have a disability or are old enough to qualify, see below for five critical facts about Medicare Planning.

1. Medicare has different coverage options

Medicare has four parts. They are Medicare Part A, B, C and D. Each piece offers different coverage. Not everyone needs every part of Medicare, so consult with a doctor or estate planning attorney about what works best for you.

2. You must meet specific qualifications

If you are a senior at least 65 years old or have a qualifying disability, you may receive Medicare. However, those who do not meet every requirement can pay a higher premium and receive benefits.

3. Enrollment is usually automatic

There are several ways to enroll in Medicare. You are automatically registered if you receive Social Security or Railroad Retirement Board benefits. If not automatically enrolled, you can call your local Social Security Office.

4. Long-term care is not covered

Medicare does not cover long-term care such as live-in nurses. Consult with your attorney about planning for custodial care if you require it.

5. Be careful with your HSA

If you have a health savings account (HSA), you may withdraw money from it to cover Medicare premiums. However, you may not contribute to your HSA once you start receiving Medicare.

Besides the considerations listed above, there is much to know about Medicare planning. Always talk to your doctor and attorney about creating a Medicare plan. You may not require every level of Medicare benefits; however, you do not want to be without the necessary coverage.