Medicare 101
The Big Picture
Medicare can be confusing, there are a lot of choices, rules, details and “rabbit holes”. As Your "Guide", my job is to clear away the confusion and help you focus on the big picture and the important stuff. Here are the basics to get you started.
Original Medicare A&B
Medicare is Federal Health Insurance for people aged 65 and older and people under age 65 with certain disabilities. Original Medicare is made up of two policies called Part A and Part B. It is the Nation’s largest health insurance program with over 60 million beneficiaries. There are additional policies that you can add on to your A&B coverage to help with some costs that are not covered by Medicare A&B
When Should I Enroll in Medicare?
You are eligible for Original Medicare Parts A&B when you turn 65. You have a seven-month window to apply for coverage which starts 3 months before your birth month. If you are already receiving Social Security Benefits you will automatically get Parts A&B. If you are not receiving Social Security benefits you will need to apply at www.ssa.gov.
What if I continue to work past age 65?
If you have employer group health insurance and your employer has 20 or more employees, you may be able to delay enrolling in Medicare Parts A&B. Once you leave employer coverage you will have up to 8 months to apply for Parts A&B without incurring a late penalty.
You Have Options
When you enroll in Medicare Part A&B you have put your core health insurance benefits in place. There are additional policies that you can enroll in that can help you with the cost of prescriptions and your share of the medical expenses. You will still need to be enrolled in Medicare Part A&B and continue to pay the Government for your Part B coverage, regardless of what additional coverage you select.
Option 1 - Medicare Supplement Plan plus a Part D Drug Plan
Add a Medicare Supplement Policy to help pay some or most of your share of the medical bills (copayments and coinsurance) plus add a Part D Drug plan to help with the cost of your Presciption Drugs
Option 2 - Medicare Advantage Plan (Part C)
Purchase a Medicare Advantage Plan which will include your A&B benefits, will provide an annual limit on your share of the medical costs and include a Part D Drug Plan