Medicare Part A is the hospital insurance for Medicare. It provides any medically necessary visits to the hospital. Most people are automatically enrolled in Medicare Part A within three months of turning 65.Some, however, are not. We will go over enrollment, coverage, price, and other issues in this article.
Medicare Part D
Medicare Part D is the latest addition to Medicare. It provides prescription drug benefits to all who enroll. Part D enrollment is not automatic. You must enroll according to Medicare’s guidelines and pay all fees as discussed below.
How Medicare Part D works. In order to receive Part D benefits you must enroll in a PDP (prescription drug plan) through a private insurance company that offers Medicare-approved plans. Anyone eligible for Medicare Part A or who is currently enrolled in Medicare Part B is eligible for Medicare Part D.
Penalty for not enrolling. If you do not enroll the immediate month that you become eligible then you will be forced to pay a penalty. You become eligible the month that you enroll in Part A or Part B Medicare. For each month then on that you do not enroll you will be penalized 1% per month. Thus, hypothetically, if you waited 32 months after enrolling in either Part A or B you would have to pay an additional 32% on top of your premium permanently.
There are ways to avoid this hefty penalty. If you have a health insurance from your employer that provides prescription drugs that are similar to what you're provided under Part D then you will not be subject to the penalty. This is called “creditable prescription drug coverage”. Another strategy to avoid the penalty is simply to enroll in a low-premium, cheap PDP. You can always change it later if need be.
Durable Medical Equipment
Durable medical equipment refers to things like canes, wheelchairs, hospital beds (for home use), diabetic testing equipment, oxygen tanks, walkers, and so forth. Durable medical equipment is usually related to and necessitated by your medical condition.
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