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Turning 65? Get your Nevada Medicare benefits as soon as Possible

A couple who is turning 65 who will get their Nevada Medicare benefits as soon as possible.

What to know about your Nevada Medicare benefits before you turn 65

Turning 65? How to plan for your Nevada Medicare Benefits

When you or a loved one approaches Medicare eligibility, the process can become overwhelming. You may have many questions about how to get your Nevada Medicare benefits, and the number of questions will grow.  Common questions are costs, benefits, what’s covered and not covered. Keep reading, and ECOS Medicare Solutions will explain how to begin planning for Medicare and your health needs.

Medicare, and how does it work?

There are four parts to Medicare, and maybe you have heard of them.

  • Hospital Insurance, Part A
  • Medical Insurance, Part B
  • Medicare Advantage, Part C
  • Medicare Prescription Drug Plan, Part D

The Federal Government administers Original Medicare Part A and Part B. In contrast, private insurance companies contracted with Medicare administer the Medicare Advantage Plans and stand-alone Medicare Part D Prescription Drug Plans. If you have taken your Social Security benefits before age 65, Medicare automatically enrolls in Medicare Part A. You must enroll in Medicare Part B online or in person at the Social Security Office. You can enroll in Medicare Part C, or Medicare Advantage Plans or Medicare Prescription Drug Plans through private insurance companies.  You select the plan you want.

Medicare sets minimum coverage requirements for the private insurance companies that offer Medicare Part C, and Medicare, Part D. Medicare Advantage plans, are required to provide at a minimum the same coverage as Original Medicare Part A and Part B. However. Part A retains the coverage for Hospice care. Many Medicare Part C Advantage Plans offer additional benefits like dental, vision, prescription drugs, over the counter drugs, and hearing.

What is the cost of Medicare?

Usually, the biggest concern in healthcare is cost.  Medicare is no different. The good news is that Medicare Part A does not have a premium. Therefore there is no cost. However, there are a few who do not qualify for $0 premium Medicare Part A. The 2020 monthly premium could be as high as $458 and set by Medicare. Medicare also sets the Medicare Part B premiums. $144.60 is the standard Medicare part B premium in 2020. If your income as an individual is more than $87K or married and more than $174K who file taxes jointly, your Medicare Part B premium will have a higher premium.

The private insurance companies that administer Medicare Advantage plans and Part D Prescription Drug Plans set the premiums. In many cases, the premium is $0. Every service area is different, and ECOS Medicare Solutions can help you determine premium costs. Do not forget you must continue to pay your Medicare Part B premium to maintain eligibility for the private insurance company plans.

Medicare Prescription Drug Plans are optional.  However, if you do not get a Medicare Part D Plan, you could incur a Medicare Part D penalty for late enrollment. Like Medicare Part B, Medicare Part D could cost you more if your income exceeds the income set by Social Security.  I stated the higher income while discussing Medicare Part B.  The extra amount is called the Income Related Monthly Adjustment Amount (IRMAA).

Once you have Medicare Part A and Medicare Part B, there is the related cost to your healthcare:

  • Deductibles
  • Copayments
  • Coinsurance
  • Non-covered Care

Original Medicare does not have a Maximum Out-of-Pocket. There is no limit to your healthcare costs while using Original Medicare. ECOS Medicare Solutions can help you cap the cost of healthcare. The first option is a Medicare Supplement, sometimes known as Medigap or a MedSupp. These plans usually cover the cost portion that Original Medicare does not cover. Private insurance companies offer Medicare Supplement Plans. You are eligible for guaranteed issue the month you turn 65, have Medicare Part B, and runs for six months.  After the six months, the private insurance companies require underwriting for Medicare Supplements.

Remember, you can only have a Medicare Supplement or a Medicare Advantage plan.  You cannot have both or add a Medicare Savings Account.  Also, Medicare does not allow Medicare Saving Accounts to offer included Medicare Prescription Drug Coverage. The private insurance carrier sets all premiums.  Ask ECOS Medicare Solutions for assistance with any of these plans at no cost to you.

Nevada Medicare Benefits, What Should I know?

You are not required to take your Social Security Retirement to become eligible for Medicare Parts A and Medicare Part B. It is never to early to begin learning about Medicare. Educating yourself about Medicare is crucial for your understanding. You don’t want a penalty for not enrolling in Part B or Part D at the correct time without credible coverage. Many Veterans believe the VA healthcare system provides credible healthcare coverage, and it does not. The VA pharmacy is the only part of the VA that is considered credible coverage.

What to consider as you plan for Medicare:

  • Do you take prescription drugs daily?
    •  Consider a Medicare Advantage Prescription Drug plan
    • a stand-alone Medicare Part D Prescription Drug Plan.
  • Do you have a chronic condition?
    • Medicare Advantage Special Needs Plans
      • Designed to optimize the quality of care
      • Minimize costs
      • Requires qualifying conditions
  • Preferences
    • The convenience of accessing all your benefits in one plan?
      • Medicare Advantage plans offer this convenience

ECOS Medicare Solutions can assist you in finding the right plan for you at no cost to you. Contact us today for help or click the apply yourself button and enroll on your own. Either way, there is no cost associated with enrollment.

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