For people who are 65 and over and unemployed, Medicare is their best option for health insurance. Although, it’s important to understand that Medicare is not free, and there may be fees associated with this insurance. Medicare Part A covers any hospital visits and most of the time, there is no premium, but may come with a deductible. On the other hand, Medicare Part B which is used for outpatient visits, can have a monthly premium of just under $150. Sometimes, there is gaps in this coverage, so recipients should understand the different insurance available.
- If you lose your job and are over 65 Medicare may be the way to go over the more expensive COBRA coverage.
- Cobra requires you to pay full premiums and that could add up to major expenses.
- Medicare is not free and that is surprising to some people when they go to sign up for coverage.
“Worse yet, COBRA coverage does not count as qualifying insurance in place of Medicare. And if you miss certain deadlines for enrolling in Medicare without having acceptable coverage, you could pay life-lasting penalties.”