Turning 65 soon? I make this easy to understand!

Entering the world of Medicare can be daunting, but understanding the basics will help you make informed healthcare decisions. Here’s a concise guide to get you started.

What is Medicare?

Medicare is a federal health insurance program primarily for people aged 65 and older, but it also covers some younger individuals with disabilities and certain diseases.

The Parts of Medicare

Part A: Hospital Insurance

• Coverage: Inpatient hospital stays, skilled nursing facility care, hospice care, and some home health care.
• Cost: Usually no premium, but deductibles and coinsurance apply.

Part B: Medical Insurance

• Coverage: Doctor visits, outpatient care, preventive services, and some home health care.
• Cost: Monthly premium (varies by income), plus deductibles and coinsurance.

Part C: Medicare Advantage

• Coverage: Combines Parts A and B, often includes Part D and additional benefits like vision and dental.
• Cost: Varies by plan, still pay Part B premium.

Part D: Prescription Drug Coverage

• Coverage: Helps cover the cost of prescription drugs.
• Cost: Varies by plan, includes premiums, deductibles, and copayments.

Enrolling in Medicare

Initial Enrollment Period (IEP):

• When: 3 months before to 3 months after your 65th birthday.
• Action: Sign up for Parts A and B to avoid late penalties.

Special Enrollment Period (SEP):

• When: If you're covered by an employer plan past 65, enroll within 8 months of coverage ending.

General Enrollment Period (GEP):

• When: January 1 to March 31.
• Action: If you missed IEP, enroll during GEP with coverage starting July 1.

Choosing the Right Plan

Consider your healthcare needs, budget, and preferences:

• Original Medicare (Parts A and B): Flexible but may require supplemental insurance (Medigap).
• Medicare Advantage (Part C): Private plans with additional benefits but may have network restrictions.
• Prescription Drug Plan (Part D): Compare plans based on covered medications and costs.

Getting Help

• Medicare.gov: Official information and plan comparison tools.
• State Health Insurance Assistance Programs (SHIP): Free, personalized help.
• Medicare & You Handbook: Annual comprehensive guide.