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Medicare Explained
Are you turning 65 but are still confused about Medicare? We get it! Medicare can be a confusing program to understand, but that’s why Insured For Life is here to help and answer your questions.
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What Is Medicare?
Medicare is a federal health insurance program that is meant to provide coverage to those who are 65 or older, younger people with disabilities, and those diagnosed with End-Stage Renal Disease.
Most people become eligible for Medicare three months before turning 65. This starts what is known as your Initial Enrollment Period, which lasts for a total of seven months and gives you the opportunity to enroll in Medicare for the first time. Others will be automatically enrolled if they are receiving Social Security benefits.
If you are not automatically enrolled and have to make use of your Initial Enrollment Period, you will want to do so as soon as possible. Waiting to enroll in Medicare can cause late enrollment penalties to incur, which are added to your Medicare monthly premiums and can be permanent.
However, if you still wait past your Initial Enrollment Period to enroll, don’t worry. You will have another opportunity to enroll during the General Enrollment Period, which starts on January 1 and ends on March 31 each year.
What Are The Parts Of Medicare?
There are four parts to Medicare: Part A, Part B, Part C, and Part D. Part A and Part B together create what is known as Original Medicare. Original Medicare is what you will most likely enroll in first when you become eligible. Part A will provide coverage for your inpatient hospital costs while Part B will focus on outpatient medical care.
Part C is also called Medicare Advantage and provides the same coverage that you would receive with Original Medicare. Depending on the type of Medicare Advantage plan you join, you may also receive additional coverage benefits, such as dental, vision, or hearing coverage. You can join a Medicare Advantage plan once you are enrolled in Original Medicare.
Part D will provide coverage for your prescriptions. You can have Part D as a standalone plan while you’re enrolled in Original Medicare. You can also have prescription drug coverage as an added benefit through a Medicare Advantage plan.
Learn More About Medicare With Insured For Life
We have a devoted team of Medicare experts who are ready to help you find a Medicare plan that works for you. To get your Medicare journey started, give us a call today!
