Medicare is a health insurance option that’s primarily intended for retirement. While there are some exceptions, such as those with special needs, Medicare was created for those that are 65 and older. 65 is the typical age of enrollment, as that’s during the timespan of the Initial Enrollment Period.
The Costs of Medicare
The purpose of Medicare is to cover medical costs. Healthcare can be extremely expensive, so it’s important to make sure that you have the right safeguards in place to protect you from high medical bills. Insurance can play a large role in that. The purpose of Medicare is to save you money, but that doesn’t mean that it doesn’t have its own costs.
There are certain Medicare costs that are important to be aware of if you’re considering enrolling in Medicare. Let’s talk about one of these costs specifically. If you have any questions after reading the following, then feel free to give us a call.
Premiums
Premiums are a monthly cost that ensures you get to keep your Medicare coverage. Even if you don’t use your Medicare coverage regularly, it’s essential that you continue to pay your premiums. How much your premium is will depend on your specific policy.
Missing Premium Payments?
If you start missing your premium payments, there are a few things that will happen. If you miss premium payments, Medicare will send you a notice. In that notice will typically be the details of your grace period. If you fail to pay your premiums by the end of your grace period, then you will most likely lose coverage.
Paying your Medicare premiums on time is the best way to be sure that you can keep your Medicare coverage. If you don’t think that you’ll be able to keep up with your monthly Medicare costs, then it’s important to make sure that you reach out to your insurance agent. They can help you examine your different options and make sure that you’re on the right track.
Ready to Learn More? We Can Help!
If you’re curious and want to learn more about different Medicare costs, then we can help. We love providing our community with the Medicare information that they need. If you’re ready to learn more about premiums, feel free to give us a call and book an appointment!