MEDICARE INSURANCE

Enrollment in Original Medicare (which includes Medicare Part A and Part B) may or may not be automatic — it depends on your situation. You’re automatically enrolled if you already receive Social Security or Railroad Retirement Board benefits or become eligible early due to disability. Otherwise, you’ll need to enroll yourself during your Initial Enrollment Period (IEP). You can enroll in Part A, Part B, or both. Because you’ll be charged a premium for Part B, you aren't required to enroll in Part B right away; just remember that if you choose to wait to enroll in Part B, you’ll be charged a late enrollment penalty, and Part B coverage will cost you more. 

Your Medicare journey begins three months before the month of your 65th birthday. This marks the beginning of what is called your Initial Enrollment Period (IEP). This period lasts a total of seven months and includes the three months before the month you turn 65, the month in which you turn 65, and the three months after.  

In most cases, if you don’t sign up for Medicare when you’re first eligible, you may have to pay a higher monthly premium.  

If you are 65 or older when you retire or lose employer coverage, you may qualify for what is called a Special Enrollment Period (SEP). During this time, you have up to eight months to enroll in Part B without incurring a late enrollment penalty.  

You can enroll in Medicare Part A (hospital insurance), Medicare Part B (medical insurance), or both. Once you enroll in Medicare, there are more coverage choices you can make. These include options to enroll in a Medicare Advantage Plan, a Medicare Prescription Drub Pan, or a Medicare Supplement Insurance Plan (Medigap) to complete your Medicare coverage. There are various types and combinations of these plans offered by different insurance carriers.  

 It's important to understand the basics of Medicare costs. Most people pay no premium for Medicare Part A. The premium for Medicare Part B varies depending on your income and can be deducted from your Social Security Benefits each month (or, if not yet receiving benefits, can be paid directly to Medicare). Both Part A and Part B include deductibles and coinsurance. Some individuals may also qualify for help paying for Medicare costs.  

Original Medicare (Parts A & B) covers many medical and hospital services but doesn’t cover everything you may want or need for your health, such as coverage for prescription drugs, dental or vision care, hearing aids and more. Many people opt to get coverage for these items through a Medicare Advantage or Prescription Drug plan offered by private insurers. Medicare parts and plans can be combined for the coverage you want and even include zero-cost options. 

 There’s no “one size fits all” when it comes to Medicare. Your Medicare choices need to reflect your personal health care needs. Once you have a handle on that, the rest will be a little easier. Contact a Certified Medicare Specialist that can help analyze and talk you through the best options to meet your needs. .