MEDICARE 101
ORIGINAL MEDICARE PART A & B
Original Medicare is a fee-for-service health plan that has two parts:
- Part A (Hospital Insurance)
- Part B (Medical Insurance)
After you pay a deductible, Medicare pays its share of the Medicare-approved amount, and you pay your share (coinsurance & deductibles). out-of-pocket costs.
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 starting 3 months before your birth month.
If you are have group employer coverage with a company with 20+ employees, you may be able to delay enrolling in Medicare.
If you are already receiving Social Security Benefits, you will automatically be enrolled in Medicare 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 group employer coverage with an employer that has 20 or more employees, you may be able to delay enrolling in Medicare Parts A&B.
If you don’t have to pay a premium for Part A, you can choose to sign up when you turn 65 (or anytime later).
You can wait until you stop working (or lose your health insurance, if that happens first) to sign up for Part B, and you won’t pay a late enrollment penalty.
WHAT ARE MY OPTIONS?
When you enroll in Medicare Parts A & B, that is your core health insurance benefits. 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 (co-payments and co-insurance) plus add a Part D Drug plan to help with the cost of your Prescription 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 can include a Part D Drug P