Aging into Medicare

Medicare is a health insurance program for:

• People age 65 or older;
• People under age 65 with certain disabilities, and
• People of all ages with End-Stage Renal Disease (permanent kidney failure requiring dialysis or a kidney transplant)

Generally, your first chance to sign up for Medicare is when you turn 65. During this timeframe, you’re entitled to an Initial Election Period (IEP) where you will have a 7-month window which starts 3 months before you turn 65 and ends 3 months after the month you turn 65.

While in your Initial Election Period, you are eligible to sign up for the following components of Medicare:

Part A Hospital Insurance – Most people don’t pay a premium for Part A because they or a spouse already paid for it through their payroll taxes while working. Medicare Part A covers inpatient care in hospitals, skilled nursing facility care, hospice care, and home health care.

Part B Medical Insurance – Most people pay a monthly premium for Part B which is adjusted on a yearly basis. Medicare Part B helps cover services from doctors and other health care providers, outpatient care, home health care, durable medical equipment (like wheelchairs, walkers, hospital beds, and other equipment), and many preventatives services (like screenings, shots or vaccines, and yearly “Wellness” visits).

Part C Medicare Advantage Plans – Medicare Advantage plans is a type of Medicare health plan offered through private insurance companies that bundle your Part A, Part B, and usually Part D together. These plans may also offer extra benefits that Original Medicare (Part A and Part B) doesn’t cover.

Part D Prescription Drug Coverage – Most people will pay a monthly premium for this coverage. Medicare Part D helps cover the cost of prescription drugs, including many recommended shots or vaccines. The plans that offer Medicare drug coverage are provided by private insurance companies. If a beneficiary decides not to enroll in a drug plan when they are first eligible, they may pay a penalty if they choose to join later.

Medicare Supplement Plans - Medicare Supplement plans (Medigap) help fill in the gaps on what Original Medicare doesn’t cover and is sold by private insurance companies. A Medicare Supplement plan can help pay for the remaining health care costs which can include deductibles, copayments, and coinsurance. Medicare Supplement plans offer the most flexibility on which doctors you can see (especially if you travel) and do not require a referral to a specialist.

For more information regarding Medicare and your enrollment options, please give us a call. We’re here to help!

This information comes from www.medicare.gov.