Having the thought that you have to decide on a Medicare Plan that suits your needs when you are on the verge of your retirement can be an overwhelming task for many elderly. However, it’s a part of life and without a Medicare Plan, you might suffer later. So it is wise and also recommended for everyone to start planning for their future Medicare Plan from sometimes before while still, you have a job.
Considering every option, you can have a monthly premium option for you but it will depend on which Medicare Part or Plan you are going to pick for you. Also, remember that the costs of these premiums might add up later.
According to a study from 2017, a certain number of all people using Medicare spend at least 20% or more of their income on premiums including uncovered medical benefits. But you can find some other ways to save up for getting the Medicare premiums. You can consider and look into Medicare Plan N in this case or you can talk to your broker and know the basics about this Plan.
In this article, we will talk about those ways which can help you to save for getting the Medicare Plan for you in the future without a hassle.
Timely get enrolled
Usually, many people can automatically get enrolled in the Original Medicare Part A and B. But sometimes others need to sign up for that.
During the initial enrollment period, you will be able to enroll in Medicare for the first time. It is usually a 7 month period, starts from the month you will turn 65 and will go on until three months before and after.
However, you will have to pay late enrollment penalties for some of the par of Medicare. Meaning, you will have to pay some additional money monthly premium when you miss the enrollment period for the first time after you become eligible.
Try to see if you get premium-free Part A
The process of Medicare enrollment will get easier once you get to know that if you will have to pay any monthly premium for Part a or not.
If your income is going down report it
In case you are having an issue with your income, you can call the Social Security Administration (SSA) to report the change in your income. Such as- divorce, the death of any spouse, reduction in work, etc.
You can consider Medicare Advantage
Know that the Medicare Advantage is actually Medicare Part C which is a group of coverage plans and the private company sold them. You will get everything with this plan including the original Medicare and you may also receive additional benefits of dental and vision coverage.
Check out Medicaid
Know that Medicaid is a joint federal and state program which is created to help people with lower income source and it can help them to pay their health care expenses. It will also provide help to cover services that Medicare usually won’t cover.