Medicare Planning

Medicare is primarily available for individuals aged 65 and older who have worked and paid Medicare taxes. Some younger individuals with disabilities or certain medical conditions may also qualify. Eligibility details can vary, so it’s essential to consult with a Medicare expert to determine your specific eligibility.

It’s generally recommended to enroll in Medicare during your Initial Enrollment Period (IEP), which begins three months before your 65th birthday month and lasts for seven months. However, if you continue to have employer-sponsored healthcare coverage, you may be eligible for a Special Enrollment Period (SEP) that allows you to delay enrollment without penalties. Consulting with a Medicare planning specialist can help you understand the timing that best suits your situation.

Medicare consists of different parts that cover various aspects of healthcare:

Part A: Hospital insurance that covers inpatient hospital stays, skilled nursing facility care, hospice care, and limited home healthcare.
Part B: Medical insurance that covers doctor visits, outpatient care, preventive services, and durable medical equipment.
Part C (Medicare Advantage): Privately offered plans that combine Parts A and B coverage, often including additional benefits like prescription drug coverage and dental services.
Part D: Prescription drug coverage available as a standalone plan or included in some Medicare Advantage plans. It helps reduce the cost of prescription medications.

Yes, you have the opportunity to change your Medicare plan during certain periods. The Annual Enrollment Period (AEP) occurs from October 15 to December 7 each year, allowing you to switch Medicare Advantage or Part D plans. Additionally, there are Special Enrollment Periods (SEPs) triggered by specific circumstances, such as moving or losing employer coverage. It’s crucial to review your options during these periods and consult with a Medicare planning professional to ensure the changes align with your needs.

Medicare Advantage (Part C) plans are offered by private insurance companies approved by Medicare. These plans provide an alternative way to receive Medicare benefits, combining hospital insurance (Part A) and medical insurance (Part B) coverage. They often offer additional benefits such as prescription drug coverage, vision, dental, and hearing services. Supplemental insurance plans, also known as Medigap plans, help cover the gaps in Original Medicare (Parts A and B), such as deductibles, coinsurance, and copayments.