Being able to apply for a Social Security check from the age of 62. Almost at the same time, we can also get a help in the medical field in the United States, something really useful if we take into account that everything related to medicine is usually very expensive. Therefore, having the Medicare option is the best thing that can happen to a retiree.
While it is true that not all pensioners can access Medicare plans, most of them can. This is because it is mandatory to reach the age of 65 in order to apply for this financial help. Even so, there is not only one Medicare plan, but several. And Social Security users can choose the Medicare plan that is best for them.
Among the Medicare options we find Part A and Part B mainly. There are more plans, but these two are the most important and the ones we should take into account when making an individual economic plan. As for Part A, this is mandatory and does not imply an expense in our benefit. If we talk about Part B, it is a different matter and we will have to take into account the price of the plan when it comes to knowing how much we will receive from Social Security.
What is the most convenient Medicare option?
There are several options within Medicare, although there are two main ones. Retirees who have Social Security can apply for two main Medicare options, and with these two options you can get different medical helps:
- Part A. Hostpital care. With this part, which is free for most citizens, hospitalization is already paid for. It is a relief to be able to count on this at the time when we start collecting Social Security.
- Part B. Doctor visits, diagnostics and preventive care. This part is not free and, therefore, we will have to pay for it. However, it is not paid directly, but the price is reduced from the monthly check benefit.
So the most convenient part will depend very much on the situation of each citizen. Thus, if we know that we will need both hospitalization and diagnostics and medical visits, we should have Part B active. This part is not free, but it can be of great help.
The final decision is up to each individual, although as a standard Medicare Part B is always active. So if you do not want to enjoy these benefits, remember to deactivate it.
How much does it deduct from our Social Security?
The usual price of Medicare Part B Premium is $164.90 per month. This amount can increase depending on our income. But that is the usual price that a retiree who has Medicare Part B Premium activated will pay. It is a price that seems high, but is actually very cost-effective for retirees.
As for Part A, there is no payment to be made, as it is included within the benefits. So don’t worry about Part A, as it won’t deduct a dollar from your Social Security checks. Still, there are exceptions, so we should watch out in case we are part of this exception.
How many parts does Medicare really have?
Although the usual parts of Medicare are Part A and Part B, there are two other parts that offer other services. Even so, they are not the most common parts. According to the official website, these are the 4 parts:
- Part A provides inpatient/hospital coverage.
- Part B provides outpatient/medical coverage.
- Part C offers an alternate way to receive your Medicare benefit.
- Part D provides prescription drug coverage.
As you can see, Part A is free for retirees over 65 years of age. As for Part B, there is a premium part that does cost money. Finally, the other two parts may also cost some money, although it depends on one’s situation.