The A, B, C and Ds of Medicare
There’s no guarantee our health will remain stable throughout our senior years. That’s why it’s crucial, especially during these challenging times, to remain insured.
One of the best healthcare solutions for seniors is Medicare. Those aged 65 years and older who have been legal United States residents for at least five years qualify, so long as either they or their spouses worked a decade (40 quarters) or more in Medicare-covered employment.
Open enrollment
During open enrollment periods, you can choose to receive coverage through Original Medicare (Part A and Part B) or a Medicare Advantage Plan (Part C). Those seeking additional coverage for prescription drugs may also opt for a Medicare prescription drug plan (Part D).
Original Medicare includes hospital insurance (Part A) and medical insurance (Part B). Part A covers surgeries, inpatient hospital stays and more with a single deductible. If you need rehab, skilled nursing facilities are also included. Depending upon eligibility, you may receive Medicare Part B automatically when you reach age 65, or, in some cases, sooner. Otherwise, you can sign up once you become eligible. Part B includes doctor’s visits, medical equipment like mobility devices and various outpatient services, from x-rays and lab tests to preventative medicine.
A distinct advantage
Private insurance companies offer Medicare Advantage (Part C) to supplement standard Medicare (A and B). Part C may include lower copays, in-home supportive services, expanded outpatient care, medical transportation, meal plans, and gym memberships, plus dental, hearing and vision services. Those opting for Original Medicare (Part A and Part B) coverage can purchase Medicare Supplement Insurance (Medigap) from a private insurer, in lieu of a Medicare Advantage plan. However, you can’t use both.
Prescription drug coverage
The newest offering, Part D, covers prescription drugs. The government provides this additional option to seniors enrolled in Medicaid, a Medicare Savings Program (MSP), or Supplemental Security Income (SSI). Consider getting Part D when you first sign up for Medicare to avoid a late enrollment penalty. Certain individuals may also qualify for the Extra Help program, which lowers costs even further. Ready to enroll in Medicare? Contact Social Security at ssa.gov/benefits/medicare