The concept of a national healthcare program is nothing new. In the 1940s, President Truman advocated for a universal national health insurance program, though it was not until 1965 that President Johnson officially signed the Medicare and Medicare Act into law.
While most people on Medicare today report they are satisfied with their healthcare coverage, the program itself is somewhat confusing with the array of coverage choices, premium levels and enrollment rules to keep track of.
What often happens when people turn 65 and become eligible for Medicare, is that they either choose to remain on their employer’s insurance, stay on their partner’s insurance, or do not take any action. Luckily, organizations like SBHIS insurance Services work to ensure each beneficiary understands their options so they can choose the right plan for them.
Pat Salas, CEO of SBHIS shared with GB Magazine, “The enactment of Medicare drastically improves access to care for millions of elderly Americans. They just need to know what is available to them.” She adds that for those already receiving Social Security Benefits at 65, they can expect to be automatically enrolled (though they should double-check). If not automatically enrolled, it is a good idea to enroll during the initial enrollment period.
For seniors who want to maximize their savings while on Medicare, Pat recommends taking advantage of the Medicare Part B premium reduction included in some Medicare Advantage plans. The amount covered can range from 10 cents to the full Part B premium cost, which is roughly $170.10.
There are also numerous Medicare Advantage plans that may include a Flex Card that provides an additional allowances to reduce out-of-pocket costs for dental, vision and hearing needs; a Simply Cash Card that can be used for groceries, utilities, housing, and transportation; and an allowance meant for the purchase of health-related items such as medications.