A Set Time to Enroll

The first time you can enroll in Medicare (Medicare Initial Enrollment Period) is 7 months long, which includes:

– 3 months before you turn 65

– The month you turn 65

– 3 months after you turn 65

For most people, IEP is the best time to sign up for Medicare, which can help you avoid late enrollment penalties.

Delay in Medicare Part B

Most people get Medicare Part A premium-free having worked and paid taxes for at least 10 years. Part B has a monthly premium that you can delay signing up for Part B if you have other health care coverage through an employer or union. You should qualify for a Special Enrollment Period to avoid a late enrollment penalty.

Two Ways to Get Medicare

Medicare gives you two ways to get your benefits: The traditional way, Original Medicare An alternative, Medicare Advantage

Medicare Advantage plans are offered by private insurance companies that must provide all the same benefits as Original Medicare. Many plans include additional benefits, like coverage for prescription drugs, dental, vision, and more.

Medicare Doesn’t Cover Prescription Drugs

Original Medicare doesn’t offer coverage for prescription drugs and other health items. You can either buy a stand-alone prescription drug plan or choose a Medicare Advantage plan with included drug coverage.

Needing a Medicare Supplement Plan

People who choose to get Original Medicare and a prescription drug plan may also choose to buy Medigap, which helps with some of the out-of-pocket costs that are not paid by Original Medicare. It is important, however, to note that Medigap plans don’t provide additional coverage items, and you can’t have both a Medigap as well as a Medicare Advantage plan.

Qualifying for Help with Medicare

Many programs give financial assistance with Medicare premiums and many other costs. You can look into them, even if you don’t think you’ll be eligible.

They include:

– Medicaid

– The Medicare Savings Program

– PACE (Programs of All-Inclusive Care for the Elderly)

– Extra Help

Don’t let Medicare sneak up on you when you turn 65. Use these 6 handy tips to get a head start on learning the basics of Medicare so that you can make an informed decision when the time comes. And to stay up to date, sign up to websites that deliver Medicare news and information right to your inbox.