Facts to Know About Medicare Planning

Estate Planning Attorney Assisting NY Families with Medicare Concerns

medicare planningMedicare planning is an essential component for any estate plan. After all, there will come a time when you need to use Medicare to cover your medical costs and medical-related expenses – and, Medicare is there for seniors who qualify. Applying for Medicare and ensuring that you will be approved is a highly daunting task. Therefore, it is in your best interest to speak with an estate planning attorney who has experience handling Medicare applications.

Facts About Medicare that You Need to Know

To create an effective Medicare plan, you need to know the facts. These include:

1. Medicare is for Seniors and the Disabled Only

To qualify for Medicare, you must meet the terms of this federally funded health insurance program. For starters, you must be 65 years or older to qualify. If you have a qualifying disability or end-stage renal disease, then you can receive benefits below the 65-year cut-off.

Medicare is given through the Centers for Medicare & Medicaid Services, and it works as an entitlement program. Therefore, you must meet strict eligibility requirements to qualify.

2. There Are Four Parts to Medicare

Medicare comes in four parts, which go from Part A to Part D. Each part has its own healthcare benefits. For example, Medicare Part A offers hospital insurance, while Medicare Part D is what covers your prescriptions, and is optional. Medicare Part B provides you with preventative and other needed medical care services.

3. You Could Receive Part A Benefits Automatically

Most of those who qualify for Medicare are not forced to pay the premium for Part A insurance. If you have paid your taxes for more than ten years, and those taxes included Medicare, then you are eligible to receive that portion of the coverage for free.

4. You Need to Plan for Prescription Coverage

When creating a Medicare plan, you need to realize that Part A and Part B only cover hospital and preventative care. These Parts do not address your prescriptions, of which you are likely going to have plenty. Without insurance, prescriptions could cost several hundreds of dollars.

Therefore, you will want to plan for Medicare Part D coverage, as well, so that you can have coverage for your much-needed medications.

5. You Will Need Long-Term Care Eventually

A clear majority of those over the age of 65 will need some sort of long-term care. Therefore, ignoring Medicare planning could put you in jeopardy or leave you without the essential coverage required.

6. Your Estate Plan Will Dictate Your Eligibility

Sometimes, your financial situation plays a role in your qualifications for federal programs. If you are considering Medicaid planning for a disabled child, you must be cautious about any inheritance that he or she will receive. Therefore, let your estate planning attorney assess the situation and determine which route is best.

Speak with an Elder Law Attorney Today

For your estate plan, complete with Medicare planning, contact the Law Office of Andrew M. Lamkin, P.C. today to explore your options. Schedule a free consultation now at 516-605-0625 or request more information online.

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