Medicare 101

Understanding Medicare may seem difficult and intimidating. It’s true that it’s a huge government program with lots of rules, time windows for signing up, and choices to make.  We are here to simplify it for you.Whether you’re approaching Medicare age or trying to plan your future, or wondering if you are in the best plan for you today, let us answer some basic questions you may have. Medicare is broken down into  various parts, coverage’s, and rules which we will discuss with you.

When to Enroll?

People turning age 65 can enroll up to 3 months prior to their birthday or 3 months after turning age 65.  An exception to this is if you are enrolled in a group plan you can wait to enroll into Medicare Part B until your group coverage ends.

Annual Election Period

October 15th through December 7th

Medicare Parts Explained

Medicare first had two parts: Part A and Part B. Together, these parts are often called “Original Medicare” or sometimes “Traditional Medicare.”

  • Part A is generally “hospital insurance”
  • Part B is “medical insurance,” covering your doctors and general medical care.
    • Important to note that both Part A and Part B could have significant out of pocket cost.
    • Be sure to look at either adding a Supplement Plan or an Advantage Plan.
    • The explanation of these parts follows.
  • Part C also known as Medicare Advantage was established as a way to allow private insurance companies to offer additional coverage to beneficiaries. Medicare Advantage replaces Original Medicare (Part A and Part B) coverage and often includes extra benefits. Plans with in and out of network benefits exist in many areas.
  • Part D helps beneficiaries pay for the costs of prescription drugs. Like “Part C” and Medigap, private insurance companies provide Part D coverage. You can purchase Part D as a stand-alone plan along with Original Medicare or packaged in with a Medicare Advantage plan.
  • Supplemental Plans also known as Medigap was introduced to help beneficiaries pay for some of the costs left over by Original Medicare. Private insurance companies sell Medigap plans, which are more commonly known as “Medicare Supplement” plans.