Insurance is a necessity. This is because healthcare is one of the biggest expenses to seniors. Sometimes it can be hard to justify the cost, and it does come with a cost; but that said, not having insurance can be detrimental to your financial security and retirement. Medicare provides valuable healthcare coverage to seniors, and though it’s expensive, it’s better than having to pay for treatment directly. If you are retired and don’t have insurance, or are looking to restore insurance you did have, the SSA provides a quick way to sign up for Medicare coverage.
The SSA offers an online application that’s quick and easy to use. The good news, if you already claim Social Security benefits, and are 65 or older, you are automatically receiving both Medicare Parts A and B. Part A is the general insurance, but part B is a little more in depth. Medicare Part B covers expensive items and services such as:
- Medical Equipment and Research
- Clinical Visits
- Ambulance Rides
- In and Outpatient care
- Prescription Drug coverage
Being automatically enrolled in Medicare coverage can be a double-edged sword. You are covered, but you might not be aware of increasing coverage costs. Those costs are taken out of your monthly payment, leaving you with less money than you might think. To prepare for the application, you can review this checklist to verify you have everything you need.
The Council for Retirement Security seeks to provide seniors with important information to better protect their benefits and their retirement. Medicare another expense on top of an already expensive retirement, but with the proper knowledge and the right guides, it can be of real use for a long, healthy life.