What is Medicare

A federal health insurance program that pays a variety of health care expenses for people 65 years and over, some people with certain disabilities under 65 and people with end stage renal disease. Medicare is administered by the Centers of Medicare and Medicaid Services (CMS).

Medicare has Four Parts

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  Part A

  Hospital Insurance

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  Part B

  Medical Insurance

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  Part C

  Medicare Advantage sold by private insurance companies and takes the place of Original Medicare

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  Part D

  Medicare Prescription Drug Plan sold by private insurance companies and adds drug coverage to Original Medicare

You have several options:

• Elect Original Medicare
• Elect Original Medicare and add Part D Prescription Drug Coverage
• Substitute a private Medicare Advantage plan which includes Part D Prescription Drug Coverage in place of Original Medicare
• Elect Original Medicare Supplement insurance plan to pay for any gaps in coverage and add a Part D Prescription Drug Coverage.

Medicare Supplement Plans

Medicare does not cover all your health bills. Medicare supplement plans (also referred to as MediGap Plans) are offered by private health insurance companies to help fill in those gaps. Gaps include copays, deductibles for hospitalization and doctor visits. Plans range from A-N but each plan is standardized across the private insurance companies. For example, Plan F is exactly the same for each insurance company that offers supplement plans, though pricing may be different for each insurance company.

• Cover 100 percent of Medicare deductibles and Co-insurance
• Predictable monthly premiums that help budget yearly out of pocket health care expenses.
• Continue to see any doctor that accepts original Medicare.

Medicare Advantage (Part C)

Medicare Advantage Plans also known as Part C, are another way to get Medicare coverage. If you sign up for a Medicare Advantage plan, you will still have Medicare. However, instead of using original Medicare, you’ll receive Medicare Part A and Part B coverage from a private insurance company that Medicare approves.

Medicare Advantage plans may offer additional coverage for dental, vision, hearing, fitness and other health and wellness programs. Most plans include Part D prescription drug coverage.

• Monthly premiums as low as zero per month in some areas
• Most include Part D Prescription coverage

Part D Prescription Plans

Provide stand-alone prescription coverage to use with original Medicare and/or with a Medicare supplement plan. Offered through private insurance companies that Medicare approves. Many Medicare Advantage, (Part C) have Part D prescription coverage included so there is no need for a stand-alone plan.

Original Medicare Initial Enrollment Period

Turning 65 you have three months prior to you birth month, your birth month and three months after your birth month. You have seven months to enroll in Medicare when you turn 65 unless you already have credible coverage.

Initial Medicare Advantage Open Enrollment

After you enroll in original Medicare you have the option to enroll in a Medicare Advantage plan. Your initial enrollment period begins three months before your 65 birth month, your birth month and three months after your birth month. If you enroll prior to your 65 birth month, coverage will begin the first day of your birth month. If you enroll after your birth month, coverage will begin the first day of the month after the month you enroll.

Initial Medicare Supplement Open Enrollment

Medicare supplement begins the month you turn 65 and continues for six months