What percentage of healthcare costs does Medicare typically pay? Are people automatically enrolled?
Medicare on average pays for just over 50% of all health care charges for those enrolled, with the remaining payments covered out-of-pocket or with supplemental insurance. For those who are already receiving or signed up for Social Security benefits on their 65th birthday, their enrollment in the Original Medicare, Parts A and B, is automatic. However, for those not receiving the benefits or those who have chosen to delay Social Security benefits, enrollment must be completed by the individual.
There is a 7 month window for those not receiving Social Security benefits to sign up, three months before turning 65, the month one turns 65 and the three months after turning 65. Outside of that window, it is important to note, signing up for Medicare can be costly, be delayed or be denied.
For more on this important healthcare topic, check out our new article this Thursday.