As retirement approaches, you probably have a lot of things on your mind. You are more than likely considering how you are going to spend your free time. Thoughts of traveling the world or hanging out with family might be foremost of your considerations. In addition to these, you also need to be thinking about Medicare health insurance in Peoria, AZ.
When you turn 65, Medicare will become your primary insurance in most cases if you have insurance through another provider, although there are some rare exceptions. Thus, it’s important to know what is covered and what isn’t, as well as some other important facts.
Medicare Coverage
When you are setting up your Medicare health insurance in Peoria, AZ, it should cover a list of things, including hospital stays and wellness visits to your doctor. However, it may not cover everything. Some of the things that Medicare won’t cover on its own include common preventive dental services, routine vision exams and hearing aids. In most cases eyeglasses and/or contacts are not covered as an ordinary benefit, however these items are typically covered one-time fowling cataract surgery.
If you need any of these things as you age, then you’ll either need to pay for them out of pocket or get supplemental insurance designed to cover these items. Medicare Supplement policies (Medigap) do not cover these items, so you will need to look into individual policies for these items specifically. Medicare Advantage policies often add additional coverage in the policy to cover these items as a perk. Not all Medicare Advantage policies have these coverages.Determining if you need this extra insurance will be based on personal preference and medical needs.
Your Insurance Needs to be in Place by Age 65
It is wise to strive to have your Medicare coverage in place by age 65 in most cases.
For those who are already drawing Social Security, you will likely be auto enrolled into Medicare at age 65 or after 2 years or 24 months of consecutive Social Security/Disability benefits eligibility. Thus, prior to your 65th birthday, you should decide which plans(s) you want and if you need any additional insurance. Some parts of Medicare such as Part B & D have late enrollment penalties should you choose to forgo electing coverage when you are initially eligible and do not have “Creditable Coverage” elsewhere. There are no penalties for not electing to enroll in a Medigap policy during your Open Enrollment period which is when you first enroll in Medicare Part B, however; you may be subject to medical underwriting should you chose to try to obtain coverage at a later time.
Obtaining Medicare health insurance in Peoria, AZ, can be incredibly helpful for certain things as you age, however; knowing what is covered and what is not is extremely beneficial as it will help you determine if you need additional insurance.
If you have any questions about Medicare, contact us at The Turning 65 Advisor or visit our website. We can help you find the plans that will work for you.
