Medicare
What is Medicare?
Medicare is a federal health insurance program in the United States that provides coverage for certain individuals who meet specific criteria. It primarily targets people aged 65 and older, younger people with disabilities, and individuals with end-stage renal disease (ESRD). Medicare helps cover various healthcare services, including hospital stays, doctor visits, prescription drugs, preventive care, and other medical services.Â
Parts of Medicare
There are different parts to Medicare:
Hospital Insurance - Helps cover inpatient hospital care, skilled nursing facility care, hospice care, and some home health care.
Medical Insurance - Helps cover outpatient care, doctor's visits, preventive services, and durable medical equipment.
Medicare Advantage - Offered by private companies approved by Medicare, these plans provide all Part A and Part B benefits and often include additional coverage such as dental, vision, and prescription drugs.
Prescription Drug Coverage - Helps cover the cost of prescription drugs. This coverage is provided by private insurance companies that are approved by Medicare.
When you should apply for Medicare?
Initial Enrollment Period (IEP): This is the first time you can sign up for Medicare. It begins three months before your 65th birthday month, includes the month you turn 65, and continues for three months after your birthday month, totaling seven months. If you're eligible for Medicare due to a disability, you can sign up during the seven-month period surrounding your 25th month of receiving Social Security Disability Insurance (SSDI) benefits.
General Enrollment Period (GEP): If you miss your Initial Enrollment Period, you can sign up for Medicare during the General Enrollment Period, which runs from January 1 to March 31 each year. However, coverage won't begin until July 1 of that year, and you may face a late enrollment penalty.
Special Enrollment Periods (SEP): You may qualify for a Special Enrollment Period if you have certain life events, such as moving, losing employer coverage, or qualifying for additional assistance programs.