Here are a few things you should know when it comes to Medicare:
1. There is a 7-month window for you to enroll in Medicare Part A and Part B (Original Medicare).
The window begins 3 months before you turn 65, includes the month you turn 65, and lasts up to 3 months after. This is called your Initial Election Period.
2. You may not have to sign up for Medicare right now.
If you have insurance from an employer or another creditable source, you may be able to delay enrolling in Medicare Part B. Speak with your benefits administrator to find out if you can delay going on Part B without penalty.
3. There are two main coverage paths for most seeking Medicare health insurance.
- Original Medicare combined with a Medigap plan (aka Medicare Supplement) for enhanced hospital and medical coverage. Medigaps do not have a provider network, so you may see any provider who accepts Original Medicare in the US and its territories. You may also add a stand-alone drug plan (Part D) for prescription coverage.
- Medicare Advantage plan (Part C). These plans replace Original Medicare to offer hospital, medical and prescription coverage (Part D) under one network Many Advantage plans offer additional benefits like Dental, Vision and Hearing.
4. Medicare Advantage Plan benefits vary across the board
Most Medicare Advantage Plans have lower monthly premiums, but you will be responsible for copays, coinsurance, and deductibles as you use the plan; cost-sharing amounts vary from plan to plan.
5. Medigap plans are standardized in most states.
This means that the core benefits are identical for all plan letters regardless of the plan carrier.
6. You must continue to pay your Part B premium, even if you have additional coverage.
Regardless of whether you choose a Medicare Advantage Plan or Medigap Plan, you will still be responsible for paying your Medicare Part B Premium.
If you have questions, please contact us. Our dedicated licensed agents are happy to assist you. Call 1-855-611-4856.
(Please note that we do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1-800-MEDICARE to get information on all of your options.)
