Eligibility is a common term occurring in the world of financial plans and investments. Some students might be ‘eligible’ for college aid to help them complete their education. Or you might be ‘eligible’ for a reward due to the completion of an offer at the local store. Eligibility is a positive term that indicates that something good is being offered.
The Original Medicare
It is crucial to understand who is eligible for the Original Medicare before going to the supplement solutions. The Original Insurance consists of two parts, A and B and mainly involves medical care. The government has put down the most basic eligibility criteria for the Medicare that it is available for any person at least 65 years old, a citizen or a legal resident of US for 5 years till date.
A few special cases of eligibility for the Medicare include if you are disabled, or suffering from any life – threatening chronic disease. If you are working at the age of 65, it is necessary to consult with your employer to know if he / she wants you to sign up for the plan. Else, you can enroll for it individually in the Special Enrollment Period.
Do You Need To Buy All Parts Of Medicare?
Enrollment to the Medicare is free because those fees are covered through the taxes which are paid while you are employed. You can enroll for the Plan A even after the eligibility period but on the other hand, late enrollment to the Plan B can incur a penalty which can be an additional cost to the premiums you pay monthly.
What Step Follows Eligibility?
After your eligibility is confirmed, it is time for signing up for the plan. For that, you can either enroll through the online Social Security Website or visit any Social Security Office in your area. The signing up typically takes up during the Initial Enrollment Period which run for a total months. They are the 3 months before the month of your 65th birthday, the month of the birthday and the 3 months after that.
After enrollment, you will have to choose the different parts by analyzing their coverage. The Medicare Supplement Plans 2018 can be taken up for more benefits. Also, it is important to understand the costs of Medicare before enrolling for one.