Medicare is a federal health insurance program primarily for individuals aged 65 and older. It also covers certain younger people with disabilities and individuals with End-Stage Renal Disease. Medicare is divided into several parts, each covering different aspects of healthcare.

Medicare Part A helps cover:

• Inpatient hospital care

• Skilled nursing facility care

• Hospice care

• Home health care

Most people don’t pay a premium for Part A because they or their spouse paid Medicare taxes while working. However, there are other costs such as deductibles and coinsurance.

You are automatically enrolled in Part A if you receive Social Security benefits. If not, you can sign up during your Initial Enrollment Period (IEP), which starts three months before you turn 65 and ends three months after your birth month.

Medicare Part B helps cover:

• Doctor visits

• Outpatient care

• Preventive services

• Durable medical equipment

• Some home health care

Part B requires a monthly premium, which varies based on your income. You will also have an annual deductible and coinsurance costs.

You can sign up for Part B during your IEP. If you delay enrollment without having other credible coverage, you may face a late enrollment penalty.

Medicare Part C, also known as Medicare Advantage, is an alternative to Original Medicare (Parts A and B). These plans are offered by private insurance companies approved by Medicare.

Medicare Advantage Plans must cover all services that Original Medicare covers and may offer additional benefits such as:

• Prescription drug coverage

• Vision, hearing, and dental services

• Wellness programs

Costs for Medicare Advantage Plans vary depending on the plan and provider. You must have both Part A and Part B to enroll in a Medicare Advantage Plan. Enrollment periods include the IEP, the Annual Enrollment Period (AEP) from October 15 to December 7, and the Medicare Advantage Open Enrollment Period from January 1 to March 31.

Medigap is supplemental insurance sold by private companies to cover costs not covered by Original Medicare, such as copayments, coinsurance, and deductibles.

There are ten standardized Medigap plans available (A, B, C, D, F, G, K, L, M, and N), each offering different levels of coverage.

The cost of Medigap policies varies by plan, provider, and location. The best time to buy a Medigap policy is during your Medigap Open Enrollment Period, which is a six-month period starting the month you turn 65 and are enrolled in Part B.

Medicare Part D helps cover the cost of prescription drugs. It is offered through private insurance companies approved by Medicare.

Costs for Part D plans vary based on the plan and your prescription needs. You will pay a monthly premium, an annual deductible, and copayments or coinsurance for your medications.

You can sign up for Part D during your IEP. If you delay enrollment without having other credible coverage, you may face a late enrollment penalty.

• Initial Enrollment Period (IEP): Starts three months before you turn 65 and ends three months after your birth month.

• Annual Enrollment Period (AEP): October 15 to December 7.

• Medicare Advantage Open Enrollment Period: January 1 to March 31.

Navigating Medicare can be complex, but understanding the basics of Part A, Part B, Part C, Medigap, and Part D will help you make informed decisions about your healthcare coverage. For personalized assistance, consider consulting with a Medicare expert or insurance agent.

If you have any questions or need further assistance, feel free to contact us. We are here to help you make the best choices for your health and well-being.