What is Medicare?
Medicare is a health insurance program that provides coverage for individuals age 65 and older and for certain persons under age 65 with disabilities. “Original Medicare,” administered by the Federal Government, consists of two main parts; Part A and Part B. The other two parts of Medicare, Part C and Part D, are administered by private insurance companies.
When to Enroll?
If you are already collecting Social Security benefits, then you will automatically be enrolled in Medicare Part A and Part B starting on the first day of the month that you turn 65. If you are not collecting social security benefits, you need to contact Social Security to make sure your Part A and Part B are effective.
If you choose to delay your Part B benefits because either you or your spouse are still working and covered by employer coverage, you can enroll in Part B with no penalty, anytime during the year when either you or your spouse retires and loses that employer coverage.
When you first enroll in Medicare, you will have Original Medicare Part A and Part B. You can choose to stay in Original Medicare and decide if you want to purchase:
Medicare Supplement Insurance – to help pay medical costs that Original Medicare doesn’t cover AND Part D, Outpatient Prescription drug coverage.
Enroll in a Medicare Advantage plan and use a private insurance company to get all your Medicare benefits.
You cannot have both a Medicare Supplement and a Medicare Advantage plan.
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