You and Medicare

If you are over 65 years old, retired and have worked for at least 10 years, you will probably have already signed on for Medicare but if you haven’t, you should do so immediately as it can help you with any medical costs you have to pay in the future. Although you may feel healthy now, we all get weaker and more vulnerable to illness as we get older and so we should be as prepared as we can be for when that occurs.

Medicare will probably pay all your health care expenses even if you signed on but in many cases will reduce the amount you have to pay. As you will discover if you read about Medicare and all its benefits at, there are 4 main parts to Medicare, Part A of which is free and the other parts optional at an additional cost. There are also Medicare supplements which can be paid for separately for any expenses not covered by any of the 4 parts of Medicare.

If you have to be admitted to hospital at any time, it is Part A of Medicare that will help you with those expenses. If you require treatment as an out-patient of a hospital or need a doctor to visit you at your home, Part B of Medicare helps with those expenses.

If you would rather not depend on Medicare and prefer to have your own private insurance, as you will not be making claims against Medicare, it will help you pay for that private medical insurance which then becomes known as Medicare part C. Whatever the circumstances or timing of any illness or accident, there will always be prescription drugs which have to be paid for and Part D of Medicare affords assistance in paying for those by providing them at discounted prices.

The ins and outs of medical or health insurance are often unfamiliar to many of us as, when we worked, we would have been covered by our employer’s group health care insurance and so only knew what we were entitled to under the terms of that particular policy.

Once retired though we are entitled to nothing except what Medicare can offer and so we should take advantage of it as much as possible. This means that we have to carefully read and understand each part of it and also know what supplements are available and how much they cost if opted for.

Of course, we all want the best possible coverage we can get but sometimes, as we are retired, that may be beyond our financial grasp and so we have to settle for the best possible coverage we can afford meaning we have to know exactly what we are spending every penny on or for.

Although we want the best coverage we can afford, we also want to have something left for other things in life as although we may be getting old; we are merely retired and not dead yet.

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