Medicare
Medicare is health insurance for people 65 or older. You may be eligible to get Medicareearlier if you have a disability, End-stage renal Disease (ESRD), or ALS (also called Lou Gehrig’s disease) Some People qualify for Medicare automatically, others have to actively sign up. It depends on whether you start getting disability or retirement benefits from social security before you turn 65.
Late Enrollment Penalty
If you must buy Part A or did not enroll when you first became eligible you may pay an increase of your monthly premium by 10% for twice the number of years you delayed.
Medicare Part B covers the doctor’s visit, outpatient services, and more. The premium for Medicare Part B is currently $202.90. Some beneficiaries will pay higher premiums based on their adjusted gross income. Learn more at Medicare.gov
Medicare Part D (Prescription Drug Coverage), If you don’t have credible prescription drug coverage for more than 63 days after being eligible to enroll, you may face Part D late enrollment penalties of 1% of the national base beneficiary premium for each month without coverage which will be added to you monthly premium.
What are the Benefits of Part D Plans
Prescription drug plans (PDPs) help to lower the cost of your medications prescribed by your Doctor.
If you are on multiple prescriptions, either generic or brand-name medication, you will pay a lower price when you enroll in a Part D Drug plan.
Medicare Supplements
Medicare Supplement Insurance (Medigap) plans are private policies sold by insurance companies. These policies cover the gap in Original Medicare Part A and Medicare Part B, which include deductibles, co-payments, and coinsurance.
These are standard plans known as Plan A-N and are sold and issued through private insurance companies, and they allow you to use any Doctor or provider who accepts Medicare. These plans do not cover prescription drugs, only the 20% gap in original Medicare.
Medigap plans or Medicare supplements can be purchased with a higher deductible in which reduces the cost of the monthly premiums.
Medicare Advantage Plans
Medicare Health Plans (Part C )provide Part A (Hospital Insurance) and Part B medical insurance benefits to people with Medicare. These plans are generally offered by private health insurance companies, and they should provide at least the benefits provided by Original Medicare.
Joining a Medicare Health Plan
To join a Medicare health plan or drug plan, you generally
Must have Medicare Part A (Hospital Insurance) and Part B (Medical Insurance)
Must live in a plan service area of the plan you intend to join.
Be a US Citizen or lawfully present in the United States.
Have your Medicare Number and Part A and/or Part B coverage.