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When considering your financial security after retirement, Medicare and Medicaid always come to mind. The former is the premier health care insurance solution that most retirees rely on for care. To help you plan for your insurance needs in the future, read on to learn about a few Medicare issues.


1. Challenges With Retiring Early

To qualify, you need to be at least 65 years old. If you retire early, you will have to wait a little longer to access this health insurance. People who activate Social Security benefits before they turn 65 must also wait to enjoy Part A and Part B of Medicare plans.


2. Not Everyone Qualifies for Automatic Medicare Part A

You need at least 40 quarters or roughly 10 paying years to benefit from automatic Medicare Part A. If you don't fit the criterion, you will only qualify for Medicare as a premium-paying member. At a time when you are probably not earning anything, monthly premiums can pose a challenge, and they could eat into your Social Security benefits. Be sure to prepare appropriately if you will not get automatic coverage.

 

3. Coverage Gaps Require Further Supplements

Medicare is comprised of four parts. Part A and B are the most common, and they cover hospitalizations and medical services. You may pay about 20 percent of some medical costs out of pocket even when you have both coverage plans.

The other two options are Medicare Advantage and the Prescription Drug Plan. You may still require another supplemental Medicare plan often referred to as Medigap. You will need to consult with an insurance agent to learn more about your coverage options.

 

4. Missing Deadlines Can Lead to Costly Coverage

Medicare enrollments kick in three months before your 65th birthday. They continue for up to seven months. You don't have to worry about registration if you receive retirement benefits because you will get automatic enrollment. However, anyone else has to adhere to this strict window.

Unless you meet one of the few exemptions to the rule, you will face penalties for late application once the window closes. In some states, you may only qualify for a higher-paying bracket.

Despite a few drawbacks, Medicare is still a good health care policy for many retirees. You can talk to a Jacksonville, FL, insurance agent here at The Della Porta Agency. for further clarifications.

When considering your financial security after retirement, Medicare and Medicaid always come to mind. The former is the premier health care insurance solution that most retirees rely on for care.

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