Present 2020 brought about so much, and we are just half-way on it. As the spread of COVID-19 continues to create chaos that affects every aspect of life. From workplaces to school closings to investment portfolio credits, several Medicare enrollees have one core focus: protection of health by preventing the virus.
Every year, people turn 65 daily. Usually, they get retirement in a systematic and pre-planned way, and everyone is prepared on their levels. But now? Yes, we see the usual turning-65 crowd with their retirement plans on hold, but also witnessing a new crowd of people displaced due to job layoffs, downsizing, furloughs, and more. And, apart from that, there are crowds affected by this Covid-19 who are just tired, distressed, frustrated, and fearful.
Thus, Most of them will require some assistance with Medicare. However, those who are already on Medicare tend to suffer critical health consequences if stricken with COVID-19, as the CDC explicitly states that the chances are highest for people over 60. Seniors must understand what covers Medicare offers regarding this global health crisis.
PROCEED AS YOU PLANNED
If you were already planning to retire in this summer before this COVID-19 crises happened, just keep on pace. Although, a lot of people that are retiring now are above the age of 60, and they have been enrolled into Medicare’s Part A coverage for a few years. Signing up for Medicare can be complicated in NORMAL times but this COVID-19 situation has created additional challenges for them.
ELIGIBILITY FOR MEDICARE
Generally, Medicare is available to certain citizens and residents who have reached or crossed the age of 65. Medicare has multiple components: Part A (hospital insurance), Part B (medical insurance), and Part D (prescription drugs), or a person can sign up for Medicare Part C, which integrate Parts A, B, and in certain scenarios D.
A person is eligible for premium-free Part A if he is at the age of 65 or older, and the person itself or his spouse worked and paid Medicare taxes for at least 10 years. A person can also get Part A at age 65 without having to pay premiums if he is receiving retirement benefits from Social Security.
A person is also eligible to get premium-free Part A coverage if he is under age 65, and have been entitled to Social Security benefits for 24 months. If a person did not pay Medicare taxes while he worked, and you are at the age of 65 or older. He might be able to buy Part A coverage.
UNDERSTAND WHAT COVERS COBRA AND MEDICARE PROVIDES – OR DON’T
Some new retirees did not plan retirement at all, and they don’t want to avoid the current situation. The person who has crossed his 60 years of age, is facing suddenly retirement in current days, and now requires health insurance for this adverse condition. This is when many people make the mistake of enrolling into Cobra insurance coverage without consulting a professional that how Medicare interacts with Cobra.
Now the question is what is Cobra? Cobra is health insurance coverage that your employer provides for an extended timeline after you retire. It usually lasts for 18 months. Generally, a person in this situation, who is looking for a new job, will decide to get enrollment into the Cobra insurance coverage without understanding the effects that this decision will buy when they are over age 65.
For a person over that age, enrolled into Cobra coverage, Medicare becomes the primary payer for medical claims. Unfortunately, that person won’t be enrolled into Medicare which technically means they have no primary insurance cover. The biggest issue with Cobra is that it looks, seems, and works in the way “old employer’s coverage” does so the person retains it until they get some job with benefits.
Medicare alarms people in these crises to not fluctuate between Medicare health insurance coverage and employer health insurance. Medicare is not a “temporary” coverage. Well, it can be used in that what too, but you can experience major issues trying to do it.
The biggest change to Medicare is that it will provide full coverage for testing and any service leading up to the COVID 19 test. Those enrolled in Medicare will have to pay nothing out of their pocket. These services generally involve the remote examination by a doctor or on-call before the recommendation for testing.
The Medicare subscriber will also get priority allocation in line under being over 65. They will also get covered for the cost of COVID-19 treatment, including hospitalization. As of now while there’s no vaccine available to prevent COVID-19, if one becomes available, it will be also covered under all Medicare drug plans.
RECONSIDER YOUR MEDICARE ENROLLMENT DECISIONS