Enrolling in Medicare can be a confusing and overwhelming process, especially if you’re new to it. However, it’s important to understand the ins and outs of Medicare so you can make informed decisions about your healthcare coverage. Here are six things you need to know about enrolling in Medicare:
1. Eligibility: In order to enroll in Medicare, you must be 65 years or older, or you can be under 65 and have a disability or certain medical condition. If you’re not sure if you’re eligible, you can check with the Social Security Administration. Typically if you are receiving Social Security Disability you will be eligible for Medicare after 24 months.
2. Enrollment periods: There are specific times when you can enroll in Medicare. If you’re eligible for Medicare when you turn 65, you can enroll during your Initial Enrollment Period, which is a seven-month period that includes the three months before, the month of, and the three months after your 65th birthday. If you miss your Initial Enrollment Period, you may be able to enroll during the Annual Enrollment Period from October 15th to December 7th.
3. Parts of Medicare: Medicare is divided into four parts: Part A, Part B (Part A and Part B is also known as Original Medicare), Part C, and Part D. Part A covers hospital stays and inpatient care, Part B covers outpatient care and medical supplies, Part C is a private insurance plan that combines Parts A and B, and Part D covers prescription drugs.
4. Costs: Medicare has premiums, deductibles, and copays, and the costs can vary depending on which parts of Medicare you enroll in. It’s important to understand the costs associated with each part of Medicare so you can make the best decision for your budget and healthcare needs.
5. Supplement plans: If you want additional coverage beyond what Original Medicare covers, you can purchase a supplement plan, also known as a Medigap plan. These plans cover things like deductibles, copays, and services not covered by Original Medicare.
6. Enrollment options: There are several ways to enroll in Medicare, including online, by phone, or in person at a Social Security office. It’s important to enroll during your Initial Enrollment Period to avoid paying a late enrollment penalty which can be applied for your lifetime.
Enrolling in Medicare can seem daunting, but with a little research and understanding of your options, you can choose the coverage that’s right for you and an Independent Insurance Agency such as Davan Enterprises Insurance Agency can help you navigate and easily understand your choices.
