Why Should I Enroll in Medicare if I Already Have Insurance?
Is it to your advantage to enroll in Medicare if you already have health insurance?
The short answer is yes. It usually doesn’t cost anything to enroll in Medicare Part A (hospital). The vast majority of people receive Part A benefits without paying any premiums at all. Even if you are currently insured, you should go ahead and sign up for Medicare Part A.
The standard premium for Medicare Part B, however, is $90.90 per month. From there, premiums are tied to annual income, so Part B coverage can cost anywhere from $99.90 to $319.70 monthly. Whether or not you want to enroll in Medicare Part B probably depends on the nature of your current coverage.
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If you or your spouse is currently employed and you are insured through the current employer, you should contact your employer or union benefits administrator to learn more about how your current health coverage works with Medicare. If you are covered through current employment, it may or may not be advisable to sign up for Part B as long as employment continues. You are able to sign up for Part B anytime you have current employer health coverage. Once employment ends, you will have eight months to sign up for Medicare Part B without having to pay a penalty.
If you are enrolled in Medicare and another health plan, one of your insurers is the primary payer. The other is the secondary payer. While each insurer is a payer, your primary payer is the one with the responsibility to pay first for services you receive. Your primary payer is required to pay all costs to the limits of its coverage. Once the primary payer’s obligations are met, your secondary payer does likewise. In order to understand each payer’s obligations and limits, it’s important to read each policy carefully.
If you are covered under both Medicare and a current employer’s group health plan, your employer’s plan will pay first if your employer has more than 20 employees.
If you work for a smaller company and are covered under both Medicare and your current employer’s group health plan, Medicare will normally be your primary payer. If you are covered under both Medicare and a former employer’s group health plan, Medicare is your primary payer.
Generally Speaking:
If your current insurer would serve as a primary payer, it may not be advisable for you to sign up for Medicare Part B. If your current insurer would serve as a secondary payer, you should sign up for Medicare Parts A and B when you become eligible.
If you are currently on Medicaid, you should sign up for Medicare Parts A and B as soon as you become eligible because Medicaid never pays first for Medicare-covered services.
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If you have questions about dual coverage including Medicare, visit here. For further information about any aspect of Medicare or senior health coverage, MedicareMall is at your service.
Contact us now and we’ll lead you through the Medicare maze and help ensure that you have the knowledge and confidence to make the best decisions about your health.