Medicare is a federal health insurance program primarily for individuals aged 65 and older, as well as certain younger individuals with disabilities. It’s essential to understand the different parts of Medicare, as each covers distinct services. Below, we explain the various components of Medicare to help you navigate your options.
Medicare consists of different “parts” that provide specific coverage. Most people are familiar with Medicare Part A and Medicare Part B, which are part of Original Medicare. Additionally, there are Medicare Part C and Medicare Part D, which offer alternative or additional coverage.
Medicare Part A is known as hospital insurance and helps cover the following:
Enrollment and Costs:
Medicare Part B covers outpatient medical services that help diagnose and treat medical conditions, including:
Medicare Advantage (Part C) offers an alternative to Original Medicare (Parts A and B). These plans are provided by private insurance companies approved by Medicare and include:
Medicare Part D offers prescription drug coverage through private insurance plans. To learn more about Medicare Part D by clicking here
Your eligibility starts 3 months before your 65th birthday, the month of your birthday and 3 months after your birthday. If you miss this enrollment period and do not have any other “credible” coverage, you may have to pay a penalty and have a gap in your coverage.
My birthday is June 15th.
My medicare coverage would be effective June 1st. March is the earliest I can contact social security to enroll in Medicare for June 1st. I can apply in March, or April or May for June 1st.
If I waited until June or July, I could still apply and depending on when they get the application, would be the effective date. I would have until September to apply and still be considered within my enrollment period, avoiding any penalties.