1. There are two ways to get Medicare.You can choose Original Medicare (Part A and Part B) or a Medicare Advantage plan (Part C). Once you’ve made that decision, there are other things to consider. You not only have your choice of plans but also of private insurance companies that offer them.
Medicare now includes prescription drug coverage (Part D). This coverage is optional. You can get prescription drug coverage through a Medicare Advantage plan. Some of them include drug coverage. Or you can enroll in a standalone Part D prescription drug plan to go with your Original Medicare coverage.
This is important to know: If you don’t sign up for Part D prescription drug coverage as soon as you become eligible for Medicare, you may pay a penalty on your premium unless you qualify for an exception.
Medicare helps you get the health care you need when you’re sick, but you’ll still be expected to pay a share of the cost. You’ve already contributed to Medicare by paying taxes while you worked. Now that you’re starting to use your Medicare benefits, you’ll pay a share of the costs of the care you receive.
If you choose Medicare Parts A and B, you’ll find that there are some expenses Medicare doesn’t cover. If you are seriously ill, these gaps create big bills. That’s why many people who choose Medicare Parts A and B also buy a Medicare supplement insurance policy. Another alternative is to choose a Medicare Advantage plan that can also help you avoid these gaps.
Medicare Parts A and B are the same across the United States. But other parts of Medicare (Parts C and D) are offered by private companies and may be available in specific counties, states, or regions, and not in others. There are Part C or Part D plans that offer nationwide coverage. Medicare supplement policies are offered by private companies, offer nationwide coverage, and are available by state.
You’ll find that each part of Medicare has things it doesn’t cover.
Look at your current health coverage. For example, if you have group coverage from your job, or retiree insurance from a former employer, you’ll want to see how this coverage fits with Medicare.
Timing matters when you’re choosing Medicare coverage. Your enrollment window begins just before you turn 65 or when you become eligible for Medicare due to disability. If you wait to join, you may find you’ll pay more and have fewer choices.
Once you choose your Medicare coverage, you’re not locked into that choice. You’ll have the chance to change your choices at least once a year. That’s why it makes sense to check your coverage every year to make sure it still fits your health needs.
There’s help available for everyone making Medicare choices. And there’s extra help with the cost of Medicare for people with little income and few assets.
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