Original Medicare
Part A
As long as you have paid more than 40 quarters worth of Medicare taxes there is a $0.00 premium. If you have not worked enough quarters to qualify for premium free Part A then you can follow this LINK to find out what your costs may be.
Provides coverage for in patient hospital stays, Hospice services and some Home Health Care services.
Provides rehab in Skilled Nursing Facilities to recover after hospital admissions, as long as you were admitted to a hospital for Medicare’s minimum required time.
Part B
As long as you have paid more than 40 quarters worth of Medicare taxes there is a $164.90 premium. If you have not worked enough quarters to qualify for premium free Part A then you can follow this LINK to find out what your costs may be.
Provides coverage for in patient hospital stays, Hospice services and some Home Health Care services.
Provides rehab in Skilled Nursing Facilities to recover after hospital admissions, as long as you were admitted to a hospital for Medicare’s minimum required time.
Part D
Covers Prescription drugs
Requires enrollment in Part A and/or Part B
Offered through private insurance companies who are contracted with Medicare. They are required to maintain coverages approved by Medicare yearly.
There may be life time penalties for not enrolling when you are first eligible if you do not have credible coverage.
When do you enroll?
Your Initial Enrollment Period (IEP) is seven months long and includes:
For example: if your birthday is in March, you may enroll in Medicare for the first time anytime between December and June.
How do you enroll?
If you are already receiving your Social Security payments then your card will be automatically sent to you in the mail three months prior to your eligibility. You will automatically be enrolled in Part A when you turn 65, you can choose to enroll in Part B if you need medical coverage. If you or a spouse are employed and offered credible coverage then it is best to weigh the options and see whether it is in your best interest to take Part B.
If you are not receiving your Social Security payments then you will need to apply for Medicare on your own. There are several ways to do this. You can call Social Security and schedule a phone appointment at a later date, you can go into a social security office and talk with an advisor or the most convenient is you can go to SSA.gov login to your account there, and apply online.
Medigap or Medicare Supplement
As long as you have paid more than 40 quarters worth of Medicare taxes there is a $0.00 premium. If you have not worked enough quarters to qualify for premium-free Part A then you can follow this LINK to find out what your costs may be.
Provides coverage for in patient hospital stays, Hospice services and some Home Health Care services.
Provides rehab in Skilled Nursing Facilities to recover after hospital admissions, as long as you were admitted to a hospital for Medicare’s minimum required time.
Medicare Advantage or Part C
Requires enrollment in Part A and Part B Requires payment of the Medicare Part B premium and in some cases additional premiums.
Offered by private insurance companies as an alternative to Original Medicare.
Heavily regulated and must offer at a minimum all the same benefits of Original Medicare.
Generally lower premiums than a Medigap policy Most plans have co-payments, co-insurance (the 80/20), and an annual out-of-pocket limit.
Medicare advantage is not a Medicare supplement insurance policy, and those with Medicare Advantage plans do not qualify for a “Medigap” or Medicare supplement.
Part D prescription coverage may be included as part of a Medicare Advantage plan, or it can be combined with Original Medicare and Medigap policy.
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