Whether you are close to being eligible for Medicare, or you’re looking to switch parts of your Medicare coverage during Open Enrollment (October 15th – December 7th), the many choices, deadlines, and pitfalls to avoid can be quite confusing.
While we recommend you work with an expert Medicare insurance agent when choosing your specific plan due to the many complexities involved, we thought we would put together a quick overview of the basics of Medicare.
Be sure to also check out the many resources available online at https://www.medicare.gov.
Part A (also referred to as “Original Medicare”):
What is it: Hospital coverage
What does it cover: Things like inpatient hospital care, skilled nursing facility, lab tests, surgery
How much does it cost: Generally, this is premium-free
When do I enroll: You can start the process 3 months before your 65th birthday
Part B (also referred to as “Original Medicare”):
What is it: Medical coverage
What does it cover: Things like doctors’ services and tests, outpatient care, durable medial equipment
How much does it cost: Monthly premiums change every year, and depend on your annual income level. To see latest premiums, check here: https://www.medicare.gov/basics/costs/medicare-costs
When do I enroll: You can start the process 3 months before your 65th birthday
Part C (also referred to as “Medicare Advantage Plan”):
What is it: Health care plans through private insurance companies that you use instead of Original Medicare
What does it cover: Things that Original Medicare covers, and sometimes extras like vision and dental
How much does it cost: Varies based on what plan you choose
When do I enroll: You can start the process 3 months before your 65th birthday
Part D:
What is it: Prescription drug coverage
What does it cover: Most outpatient prescription drugs, depending on your plan
How much does it cost: Varies based on what plan you choose
When do I enroll: You can start the process 3 months before your 65th birthday
Medigap Policy (or “Medicare Supplement Insurance”)*:
What is it: Private insurance that supplements Original Medicare
What does it cover: Can cover some costs Original Medicare doesn’t cover, like copayments, coinsurance, and deductibles
How much does it cost: Varies based on what plan you choose
When do I enroll: You can start the process 3 months before your 65th birthday
* You cannot have Part C and a Medigap Policy
