Know the deadlines

There are only certain times you can sign up for Medicare so make sure you know your window for enrollment without penalties. For most people, which begins three months before your 65th birthday and runs until three months after your birthday. You may be able to delay enrollment if you have job-based health insurance but check with your benefits manager to see if your employer plan qualifies. If you don’t enroll when you’re first eligible, you may have to pay higher premiums once you do sign up.

If you’re already getting Social Security or disability benefits, you will be automatically enrolled in medical services and hospital care through Medicare.

Learn the lingo

There are various parts of Medicare:

Part A covers inpatient hospital stays, care in a skilled nursing facility, hospice care, and some home health care.

Part B covers certain doctor’s services, outpatient care, medical supplies, and preventive services.

Medicare Advantage Plans (Part C) provide all your Part A and Part B benefits through a plan offered by a private company. These plans must cover all Medicare services and may offer extra coverage. Compare the costs of Advantage plans carefully. Each year, the plans set the amounts they charge for premiums, deductibles, and copayments.

Part D covers prescription drugs. Part D plans are offered by insurance companies and other private companies approved by Medicare. You may not need a separate Part D plan if you have a Medicare Advantage Plan because most Advantage plans include drug coverage. Check the plan’s drug formulary to make sure it covers your prescriptions.

Decide if you need a gap plan

You can also buy a private plan to supplement your Medicare coverage. These Medigap plans help pay out-of-pocket costs, such as copayments and deductibles, and may cover some things not covered by Medicare. You may not need a Medigap plan if you still have health coverage through an employer or get help from Medicaid.

If you do need a Medigap policy, it’s often best to shop for one when you sign up for traditional Medicare because you’re guaranteed coverage regardless of your medical history. It may be difficult to change Medigap policies later so think about medical needs in the future when deciding which policy is best.

Calculate the costs

Most people don’t pay a premium for Part A (hospital) Medicare, but you will pay premiums for Part B and other types of Medicare coverage. Your Part B premium is based on your income. After you meet the Part B deductible, Medicare will pay 80 percent for covered services, and you’ll pay the remaining 20 percent unless you have a Medigap policy. Your costs will be different if you decide to go with a Medicare Advantage plan instead of traditional Medicare.

Call Ashford Insurance at 817-952-3153