BE FINANCIAL ED.
Medicare
Medicare is the federal health insurance program for people who are 65 or older, certain younger people with disabilities, and people with End-Stage Renal Disease (permanent kidney failure requiring dialysis or a transplant, sometimes called ESRD).
Medicare Has 4 Parts: A, B, C, and D.
Part A
Medical insurance for hospital visits and is free for most people.
Part B
Medical insurance for doctor visits and other health care providers and is not free.
Part C
Medicare Advantage, which includes all the benefits and services covered under Part A & B. Also usually includes Part D. Part C is an alternative to the original Medicare. Insurers for Part C receive a per capita amount from Medicare to provide this coverage.
For instance, if you want an HMO like Kaiser, you should go to participating doctors and hospitals of their plan in their network. In this case, you would choose Medicare Advantage (Part C), which is usually cheaper and sometimes no cost, but if you want to go to the doctors, Specialists, and hospitals of your choice, you are better off with a regular Medicare supplement, and you must pay more.
Every year, from October 15 to December 7, you can change your plan during this Annual Election Period if necessary to fit with your health care needs.
Part D
Insurance for drug coverage to help lower drug costs.
Enrollment in Part A & B through the Social Security Administration
Initial enrollment period
You have a total of 7 months, 3 months before and 3 months after your birthday month.
Special enrollment period
For people with employer coverage, you can do the initial sign-up right away or within 7 months after your group coverage ends.
If not, you still can enroll during the General Enrollment period, January 1 to March 31 of each year. Late enrollment penalties will be assessed. After signing up for Part A&B, you can sign up for Part C.
Medicare Supplement (Medigap)
This is the insurance plan you buy to pay for the "Gap" that Medicare does not cover such as deductibles, copays, and coinsurances. Benefits are standardized among all the plans. Whether you buy from Mutual of Omaha, Blue Cross, or AAPP, the benefits are the same. Thus, it's important to find a cost-effective plan that could save money.