Medicare Plan Options
Turning 65? Sign up for Medicare soon.
Are you turning 65 soon? If you have less than three months until you turn 65, you may need to make a decision regarding your Medicare plan options relatively quickly. For example, your Medicare Part B coverage may be delayed if you wait until after you turn 65 to sign up. This could mean you would have no coverage until after the selection kicks in. In other words, you could have a gap in your insurance. You need to select which Medicare Advantage Plan is right for you, before your time to do so runs out.
Why it is Important to Sign Up Early
You will be eligible for Medicare when you turn 65. However, if you aren’t receiving social security benefits, you may have to sign up in order to get your Medicare Benefits. Additionally, Medicare coverage is offered in parts:
- Medicare Part A (Hospital, skilled nursing, and home health care)
- Part B (Medically necessary and preventative services)
- Medicare Part C (Usually includes everything in both Part A and B, as well as some additional benefits)
- Part D (Prescription drug coverage)
Also, choosing a supplemental Medicare policy is an important part of your overall coverage.
This is why it’s so important to learn as much as you can about your options now. Medicare has a specific “Initial Enrollment Period” during which time you may sign up for your options during the months before you turn 65. According to the U. S. Government’s Medicare website, you have a 7-month time period to select coverage. Specifically, you may sign up for this type of coverage:
- During the 3 months before the month of your 65th birthday
- The month of your 65th birthday
- During the 3 months after the month of your 65th birthday
Medicare Plan Types Explained
Medicare has two main categories: Basic Medicare, and Medicare Advantage. Basic Medicare, also known as Medicare Part A and Part B, generally doesn’t cover all the medical needs you could have. However, Medicare Advantages, or Medicare Part C, provides additional benefits, as well as choices for prescription drug coverage.
Medicare supplemental insurance is also a critical part of your overall insurance plan. It’s important to make sure you have enough coverage and not any surprise medical bills. No one wants to be stuck with a large bill that their insurance didn’t cover, or have to turn down a medical service because they don’t have the insurance to cover it.
Don't miss the opportunity to sign up. However, make sure to learn all about the available policy options and supplemental insurance.
Medicare Plan Parts
This Medicare plan pays for hospitalization, as well as care at a skilled nursing facility, nursing home, or hospice. Additionally, it covers at-home care.
This part covers preventative services, as well as medically necessary services like doctors visits and lab work.
Medicare Part C plans are provided by private insurance companies. They provide the same coverage as Part A and Part B combined.
Medicare Part D is a prescription drug benefit. If your plan doesn’t already include prescription drug coverage, you need Part D.
Explore Your Medicare Plan Options
We know Medicare options can be confusing. You may not be aware of all your options and you may not have answers to all your questions. That’s what our firm is here for. Reach out to us today!
