Medicare Decisions When You Have Other Health Coverages
Medicare Insurance Decisions When You Are Eligible For Other Coverage.
Sometimes, individuals have medical coverage when they are also eligible for Medicare. When this happens, it is important to understand exactly what medical care these coverages will and will not cover, your Medicare enrollment responsibilities and to keep track of whether or not these coverages continue to meet “credible coverage” requirements.
Medicare when eligible for Medicaid coverage
Medicaid is health insurance for people with low incomes and limited resources administered by the state in which they reside. Medicaid provides secondary coverage to Medicare and can pay for its deductibles, coinsurances, medicare premiums and other care that Medicare does not cover including long-term care services.
In addition, if you are eligible for Medicaid and Medicare, you may be eligible for special Medicare Advantage Plans that will provide you with additional benefits at no additional cost. Learn and enroll in a Medicare Advantage Plans that work with Medicaid here…
Medicare coverage while still working
Are you eligible for Medicare but also covered by a health insurance plan at your work or your spouses? If so, then signing up for Medicare depends on how many employees work for the employer and when that coverage ends. You may be able to delay enrolling for Medicare without being assessed a penalty. Once coverage ends, you are granted a special enrollment period to choose which Medicare plans you want without having to worry about penalties. Enrolling too soon could cause you to pay premiums and waste money on health insurance coverage that has little if any benefit.
Medicare coverage if you have a retirement health plan
Did the company you work for provide you with a health insurance plan as part of your retirement package? If so, you may have all the coverage you need – for now. These plans can change or be terminated for a number of reasons. It is important to to get a copy of your plans coverages when you are eligible for Medicare to make sure that it continues to cover you. Some plans will fully cover you before you are eligible for Medicare and then change once you do become eligible. Do not make assumptions! Make sure you understand how your plan works and any changes that happen with it each and every year.
Medicare coverage if you have Veterans Administration benefits
Veterans can get a lot of medical services not paid for by Medicare at VA facilities. However, VA coverage is not considered “credible” and therefore could subject a veteran to late enrollment penalties if they ever need to apply for Medicare Part B. However, VA benefits ARE considered credible coverage for prescription drugs. Therefore, if a veteran ever needs to enroll in a Medicare Part D plan, they can do so without penalty during the Medicare open enrollment period.