What Is Medicare?
Medicare is a federal health insurance program primarily for people age 65 or older, certain younger people with disabilities, and people with End-Stage Renal Disease (ESRD). It helps cover hospital care, medical services, and prescription drugs.
Parts of Medicare
Part A – Hospital Insurance
Covers inpatient hospital stays, skilled nursing facility care, hospice, and some home health care.
Part B – Medical Insurance
Covers doctor visits, outpatient care, preventive services, lab tests, and durable medical equipment.
Part C – Medicare Advantage
An all-in-one alternative to Original Medicare offered by private insurance companies.
Part D – Prescription Drug Coverage
Helps cover the cost of prescription medications through Medicare-approved drug plans.
Two ways most retirees structure their coverage.
Medicare Supplement
Helps pay for out-of-pocket costs that Original Medicare doesn’t cover, such as deductibles, copayments, and coinsurance.
Medicare Advantage
Combines Part A and Part B, and often includes extra benefits like dental, vision, and hearing.
Enrollment Timelines
Medicare’s enrollment windows are unforgiving. Get them right the first time, and you’re set. Miss them, and you may carry penalties for the rest of your life.
Common Questions
It depends on your situation, but it's best to speak with an advisor about your specific circumstances. If you do not have other credible coverage, enrolling on time can help ensure you receive the coverage you want while avoiding potential late enrollment penalties.
Missing your enrollment deadlines can result in late enrollment penalties and gaps in coverage.
Yes, there are Special Enrollment Periods and annual enrollment periods when you can switch plans if needed.