Here are a few things you should know when it comes to Medicare:
- There is a 7-month window for you to enroll in Medicare Part A and Part B (Original Medicare).
The window is 3 months before you turn 65, the month you turn 65, and 3 months after- this is called your Initial Election Period.
2. You may not have to sign up right now.
Many people get Part A without any premium if they or a spouse worked and paid taxes.
Part B has a premium, if you have insurance from an employer or union you may be able to delay getting your Medicare. Speak with a human resources or benefits administrator to find out.
3. There are essentially two different options for Medicare health coverage.
Option 1: Part A and Part B with a stand-alone drug plan (Part D) and a Medigap (Medicare Supplement).
Option 2: Medicare Advantage plan (Part C). These plans offer hospital, medical and prescription coverage under one plan so you will not need a separate drug plan.
4. Medicare Advantage plans replace your Original Medicare so you will abide by the costs outlined in your plan. They also offer other benefits like Part D, Dental, Vision and Hearing.
Keep in mind that Medicare Advantage plans also typically have lower monthly premiums, but you will be responsible for copays, coinsurance, and deductibles as you use the plan.
These plans also operate off a network like an HMO or PPO and enrollment is restricted to your service area where you live.
If you have an Advantage plan and you move out of the plan’s service area, you will need to choose a new plan in your new area.
Lastly, Advantage plans are not offered in every area and some areas may have limited options.
5. Medigap plans work with your Original Medicare to help fill in the gaps for what Part A and B do not cover.
The premium for these plans will vary depending on where you live but they are portable so you will not need to change plans if you move out of the area.
Medigap plans do not have a network, so you can use the plan at any provider/facility who accepts Original Medicare throughout the United States and its territories.
Your out-of-pocket Medicare health expenses can be as low as $203 annually with the most comprehensive supplement plan.
If you have more questions, please do not hesitate to contact AMAC. We have trained dedicated agents who can assist you. Just call 1-800-334-9330.