In recent years, medicare has grown into a popular program. As far as young Americans are concerned, previously they were ignored in these discussions, assuming that they are not affected by and don’t care about Medicare’s future. But now the time has changed and young Americans are in the spotlight of Medicare. Here is all you need to know about Medicare and how it works for young Americans.
What is Medicare?
Medicare is the health insurance program that covers health insurance for people who are 65 or older, younger people with disabilities and end-stage renal diseased patients.
Studies show that above 10 million young Americans are family caregivers and their families likely depend on Medicare for medical and financial aids.[1]Approximately 59 million people have Medicare coverage. The older family members of young Americans rely on this program for low-cost health insurance.[2]
Changes in Medicare laws have made health care easily accessible to young Americans in terms of affordability. Disabled youths with renal failure under the age of 20, for example, can qualify for Medicare. It will cover all their expenses including regular dialysis and even a kidney transplant. Young people above age 20 can qualify for Medicare after receiving Social Security Disability Insurance benefits for at least two years. You may be able to receive SSDI, even with no work history, if you are unmarried and develop a disability before age 22 or at least have one parent who receives social security retirement benefits.
Rules and regulations surrounding medicare for the youth
The Affordable Care Act for youth covers one’s healthcare expenses until 26 years of age. You can qualify for this Medicare program irrespective of your marital status. These rules apply to both existing and new employer plans. Moreover, uninsured individuals may be eligible to join their parent’s dependent coverage health plan.
Younger than 65? You still may be eligible
Young adults can qualify for full Medicare benefits if they have been entitled to Social Security disability benefits for at least consecutive 24 months. Moreover, if you are receiving a disability pension from the Railroad Retirement Board and meet certain conditions you can be eligible for Medicare. [3]
Besides the above conditions, young people with Lou Gehrig’s disease, also known as amyotrophic lateral sclerosis, qualify for immediate Medicare aid. People under 65 who have permanent kidney failure requiring regular dialysis or a kidney transplant are also eligible for Medicare plan.
Before starting your Medicare journey you may need to know these important points:
- You may need to sign up if you are not getting your Social Security.
- You can sign up your Medicare plan at certain times of the year. Also, you have the freedom to change your plan at a specific time around the year.
- You can thoroughly decide which plan you need and how you get your Medicare coverage.
- Bby signing up for Medicare Part B when you’re first eligible, you can avoid a penalty.
- Signing up for a Medicare plan can help you with your Medicare costs. [4]
- You can change your Medicare plan from 15th October to 7th December. This is the only time you can sign up for a plan or change your previous plan.
Medicare plans
There are four different Medicare parts that you can get.
1) Part A
It covers inpatient hospital stays, nursing facilities, hospice care, and some home health care including physiotherapy. [5]
2) Part B
It covers mainly outpatient care and certain doctors’ services, medical supplies, and preventive services.
3) Part D
Part D helps cover the cost of prescription drugs that include recommended shots or vaccines.
4) Part G
Medicare Supplement Plan G benefits in a way that it covers one’s share of any medical benefit that Original Medicare covers. So, it helps to pay for inpatient hospital costs, such as blood transfusions, skilled nursing, and hospice care.
Remember that Medicare part A is always free but for other Medicare parts, you may need to pay monthly premiums. These plans have different monthly premiums. How much you pay for each drug depends on which plan you choose.
Conclusion
Medicare is an essential part of our lives. Millions of Americans are enrolled every year to get healthcare affordably. Understanding Medicare coverage plans is primarily important before signing up for one. Before getting a plan you must research thoroughly about how the Medicare plan works and which plan can be a better option for you.
Remember that once you sign up for a plan, you’re stuck with the plan you have selected for a year. Don’t forget to review your plan every year and shop around. Be aware of online scams.
REFERENCES
- Valuing the Invaluable: 2019 Update: Charting a Path Forward – Susan Reinhard, Lynn Feinberg, Ari Houser, Rita Choula, Molly Evans- 2019 https://www.aarp.org/content/dam/aarp/ppi/2019/11/valuing-the-invaluable-2019-update-charting-a-path-forward.doi.10.26419-2Fppi.00082.001.pdf
- Published: Feb 13, 2019. “An Overview of Medicare.” KFF. February 13, 2019. https://www.kff.org/medicare/issue-brief/an-overview-of-medicare/.
- “Medicare Eligibility for Disabled Youths.” Medicare Interactive. https://www.medicareinteractive.org/get-answers/medicare-basics/medicare-eligibility-overview/medicare-eligibility-for-disabled-youths.
- “Get Started with Medicare.” Medicare. https://www.medicare.gov/sign-up-change-plans/get-started-with-medicare.
- Bunis, Dena. “Understanding Medicare Part A, Part B, Part C and Part D.” AARP. https://www.aarp.org/health/medicare-insurance/info-01-2011/understanding_medicare_the_plans.html.
