Title: Navigating your Medicare enrollment
Introduction text:
Whether you're approaching Medicare eligibility for the first time or considering changes to your existing plan to better suit your needs, this guide will help you prepare for enrollment and navigate your options.
Step 1: Determine eligibility
Most US citizens become eligible for Medicare on the first day of the month in which they turn 65. If you're not eligible yet, you remain eligible for health insurance through an employer, the private market, or the Marketplace (Affordable Care Act).
Step 2: Enrollment
If you're already receiving Social Security, you'll be automatically enrolled in Original Medicare Parts A and B; if not, you'll need to enroll during one of three periods:
* Initial Enrollment Period - First-time enrollers can apply during a seven-month window: starting three months before the month of your 65th birthday and ending three months after.
* Special Enrollment Period - If you or your spouse has insurance through an employer, check whether they require you to enroll in Medicare when first eligible. If not, use this enrollment period, which extends for eight months after employment or coverage ends.
* General Enrollment Period - If you missed your initial chance to enroll and don't qualify for a Special Enrollment Period, you can sign up between January 1 and March 31. It's important to note that late enrollment could raise your premiums.
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Open Enrollment
Review your Medicare coverage each year
Medicare plans, costs and network providers can change yearly.
Your health can too.
During the Annual Enrollment Period, October 15 through December 7, you can switch plans, adjust prescription drug coverage, or make other changes to ensure your plan still fits your needs and budget.
Step 3: Coverage options
There are two main ways to get Medicare coverage.
Option 1: Original Medicare
A fee-for-service program run directly by the federal government.
* Part A: Hospital insurance helps cover short-term care events, such as inpatient hospital or skilled nursing facility stays, hospice or home healthcare.
Typically, everyone benefits from Part A.
* Part B: Medical insurance helps cover outpatient care, doctor visits, durable medical equipment such as wheelchairs and walkers, home healthcare and many preventive services such as screenings, shots and vaccines.
You can opt out of Part B if you have creditable coverage.
* Part D: Prescription drug coverage offered by private insurers as a standalone plan helps cover prescription medications.
Part D is optional, but if you don't sign up when first eligible and are without creditable coverage, you could pay more later. You must be enrolled in Parts A and/or B to add Part D.
* Medigap: Supplemental insurance offered by private insurers to help pay for out-of-pocket costs not covered by Original Medicare, like copayments, coinsurance and deductibles.
Medigap is optional, but you must be enrolled in Parts A and B. Benefits are similar in all states, but new policies do not offer prescription drug coverage. The Medigap premium is in addition to the Part B premium.
Option 2: Medicare Advantage (Part C)
A bundled plan from private insurers that are approved by Medicare, Part C includes Parts A and B, and often adds Part D prescription drug coverage, and may offer extra benefits like dental and vision that are not part of Original Medicare.
To participate in Part C, you must be enrolled in Parts A and B, but cannot select Part D or Medigap. The Part C premium is in addition to the Part B premium.
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With Medicare, you'll still have premiums, deductibles and copays.
Original Medicare does not cover routine dental, vision or hearing care.
Medicare does not cover long-term care costs.
Step 4: Look beyond Medicare
Planning for healthcare costs is a crucial aspect of your financial plan, and the right Medicare coverage can be essential for short-term medical needs. But Medicare doesn't cover long-term care expenses, so exploring options to complement your Medicare coverage can help you create a well-rounded longevity plan.
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Note: Premiums and other costs listed are for the majority of people, according to the official Medicare website. Amounts could be higher for people with certain household incomes. For additional details, visit www.medicare.gov. You can sign up for Medicare in person at your local Social Security office, by telephone at 1.800.772.1213, or online at www.medicare.gov.
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