Medicare is health insurance for people 65 or older. Youare first eligible to sign up for Medicare 3 months before you turn 65, your birth month and 3 months after your birth month.
When you first enroll in Medicare, you are required to either have creditable drug coverage or enroll in a Part D, Medicare drug plan.
Also, when you first enroll in Medicare and during certain times of the year, you can choose how you get your Medicare coverage. There are 2 main ways to get Medicare: Original Medicare (Part A and Part B) or a Medicare Advantage Plan (Part C). Some people need to get additional coverage so Medicare Supplement Insurance is available.
KEY Insurance will help you navigate through this complicated process of setting up your Medicare Plan.
* Around 156 million Americans get health insurance coverage from Medicaid, Medicare and the Children's Health Insurance Program, according to the latest CMS data based on enrollment figures in September 2022. There are more than 65 million Medicare beneficiaries in the US, and 30.1 million of them are enrolled in Medicare Advantage plans, which reported high enrollment rates last year due to low spending and high satisfaction rates.
Parts of Medicare
Part A (Hospital Insurance): Helps cover inpatient care in hospitals, skilled nursing facility care, hospice care, and home health care.
Part B (Medical Insurance): Helps cover:
· Services from doctors and other health care providers
· Outpatient care
· Home health care
· Durable medical equipment (like wheelchairs, walkers, hospital beds, and other equipment)
· Many preventive services (like screenings, shots or vaccines, and yearly “Wellness” visits)
Part D (Drug coverage):
Helps cover the cost of prescription drugs (including many recommended shots or vaccines). You join a Medicare drug plan in addition to Original Medicare, or you get it by joining a Medicare Advantage Plan with drug coverage. Plans that offer Medicare drug coverage are run by private insurance companies that follow rules set by Medicare.
Medicare Supplemental Insurance (Medigap): Extra insurance you can buy from a private company that helps pay your share of costs in Original Medicare. Policies are standardized, and in most states named by letters, like Plan G or Plan K. The benefits in each lettered plan are the same, no matter which insurance company sells it.
When can I sign up for Medicare?
Most people sign up for both Medicare Part A and Part B
Part A (Hospital Insurance)
Part A covers inpatient hospital stays, skilled nursing facility care, hospice care, and some home health care.
Part B (Medical Insurance)
Covers Doctor’s services’, Outpaitent care, Medical Supplies and Preventive Services.
You are first eligible to sign up for Medicare, 3 months before your birth month, your birth month and 3 months after your birth month. You coverage if you enroll 3 months before your birth month will be effective on the first of your birth month. If you enroll after your birth month, your effective date is the first of the following month. It is best to enroll during the 3 month window before your birth month.