What is Medicare?
You can receive Medicare in one of two ways:
Original Medicare
Original Medicare (Parts A & B) provide many health care benefits. Part A covers inpatient hospital and skilled nursing care. Part B covers doctor visits and outpatient care.
Part A is premium-free if you meet certain requirements such as being eligible for Social Security benefits.
Part B has a premium ($174.70 per month for 2024).
Medicare pays 80% of the costs; you are responsible for the remaining 20%.
Private Plans
You can choose a Part C plan called Medicare Advantage which combines Part A and Part B coverage. Often, drug coverage and other benefits (such as vision, hearing and dental) are available that you don’t get with Original Medicare.
Part D plans are Medicare prescription drug plans to help pay for medications. You can get a standalone Part D plan or get a Medicare Advantage plan that includes drug coverage.
Medicare supplement insurance (Medigap) helps pay some or all costs not paid by Original Medicare (deductibles, copays and coinsurance).
When do I enroll in Medicare?
Your Initial Enrollment Period (IEP) is 7 months long. It includes your 65th birthday and the 3 months before and the 3 months after your birthday month. Your IEP begins and ends one month earlier if your birthday is on the first of the month. If you qualify for Social Security or Railroad Retirement Board benefits, Medicare will mail your card to you. If you don’t qualify for those benefits, you will have to contact Medicare directly to enroll.
How do I change my coverage?
After you’re enrolled you can make changes to your coverage each year during Medicare Open Enrollment which runs from October 15 to December 7 each year. Additionally, Medicare Advantage programs have an Open Enrollment Period from January 1 to March 31.
You should review your coverage choices yearly. Medicare and plan benefits or costs may change each year. Consider your health care needs and budget for the upcoming year and keep your coverage or change it based on your needs.
How do I choose which plan is best for me?
Here are some questions to ask to help determine what plan is best for you.:
Your Health
How often do you go to the doctor?
What health issues do you have?
What medications do you take regularly?
Your Preferences
Which doctors, hospitals and pharmacies do you like to go to?
How important is it for you to have access to health care while traveling?
What other coverage do you have, such as an employer or retiree plan?
Your Budget
What are you able to pay each month in premiums?
How comfortable are you covering copays or coinsurance for services?
How willing are you to accept the risk of high out-of-pocket costs?