10 Questions To Ask When Evaluating Your Medicare Plan
Healthcare reform is a hot topic right now, with passionate opinions on both sides about how to better reshape our healthcare system
. However, most people agree that something needs to be done about healthcare costs. An astounding number of Americans have critical healthcare needs that go ignored simply because of treatment costs.
People with disabilities, in particular, have many health issues and often find it hard to receive the right kind of treatment. Some of those with disabilities qualify for Social Security Disability Insurance, or SSDI, which provides them with a regular monthly income as well as medical benefits. One key benefit of SSDI is eventually receiving Medicare benefits. But people must wait 24 months after their entitlement to SSDI to receive Medicare. So what happens if you need money for healthcare now and can't wait two years?
While there doesn't seem to be any way of getting around this 24-month waiting period unless you have end-stage renal disease or Lou Gehrig's disease (ALS), there are things you can do to reduce your healthcare costs prior to Medicare eligibility. In addition, once you become eligible for Medicare - you need to make sure you enroll in the right plan for you, your finances and your health situation.
Handling Healthcare Costs before Medicare Eligibility
Even if you receive SSDI and Medicare benefits, it's important to keep any health insurance you already have. See if you can join your spouse's insurance plan or a plan through another private insurance company. Or, if you received health insurance with your previous employer, you might be eligible for COBRA. Under COBRA, you have the option to keep your employer's group health plan for up to 18 months after your employment ends. You may receive an 11-month extension once awarded SSDI benefits.
Another step is to negotiate lower healthcare costs, but do your research first. Determine the typical cost of the procedure you need performed, and what your doctor or hospital typically charges. Don't be afraid to shop around and see if you can get it done at another qualified hospital or doctor's office in the area at lower cost. It doesn't hurt to ask your physician if he or she can provide you with a discount. Determine if the facility offers extended payment options or free financing.
Finally, check into lowering your prescription drug costs. Many expensive prescriptions have generic counterparts that get the job done just as well, and they can save you between 50 and 70 percent, according to the Food and Drug Administration (FDA). But always consult your doctor before switching to a new medication or generic drug. Also, many major drug companies offer financial assistance programs to help those with lower incomes. Eligibility varies among manufacturers, but these programs are worth researching to possibly reduce healthcare costs. Many states also offer programs to help pay for prescription drugs; again, each state has its own rules regarding eligibility.
Choosing the Right Medicare Plan
Medicare eligibility also poses its own challenges. Depending on where you live, you may have dozens of Medicare plans available. So it's important for you, especially if you require ongoing medical treatment, to choose the right plan. There are a number of considerations, including your choice of doctor, your current health and prescription drug needs. Keep in mind, people with disabilities can receive better healthcare coverage through a Medicare Advantage plan than they can through another combination of coverage. Traditional Medicare combines Part A, or hospital coverage, and Part B, medical coverage, with the additional option of purchasing a Part D, or prescription drug plan, and supplemental coverage.
To wade through all the confusion, it's a good idea to work with a qualified Medicare advisor. Consider your out-of-pocket costs with any possible plan because many Medicare plans have different monthly premiums. Pre-existing health conditions are another concern, especially for those under age 65. Some supplemental plans exclude individuals with pre-existing conditions.
It's important - whether you are a senior turning 65 or someone with SSDI becoming eligible for Medicare - to carefully evaluate your Medicare options. Take crucial steps, before you have Medicare, to lower your healthcare costs. Then, consider working with a Medicare advisor to ensure that you have the best Medicare coverage possible once you become eligible.
by: Jim Allsup
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