Medicare: What You Need To Know & When to Apply

Knowing how to navigate the world of Medicare coverage can be confusing. Thankfully, it doesn’t have to be when you have the right facts guiding you through the entire process. That’s where this helpful information comes into play. Read on to learn more about what you need to know about Medicare and when to apply. 

Does Everyone Have to Sign up For Medicare?

No, some people are automatically enrolled in Original Medicare, while others need to sign up on their own (more specifics on this below). No matter what stage of life you find yourself in, it’s helpful to stay informed and aware of your Medicare coverage options. 

When Do You Need to Sign Up For Medicare?

If you are currently collecting retirement benefits from Social Security (for at least three months before reaching age 65), this means no additional action will be required on your part to ensure you get Medicare benefits. In this situation, your Medicare coverage will automatically begin the first day of the month upon which you turn 65 years of age. However, if you do have to sign up yourself to ensure coverage, the ideal time to begin the process is to sign up at least three months before the first day of the month in which you turn 65.

How Do You Sign up For Medicare?

If you do not currently draw social security or know you will need to sign up for Medicare yourself, your first step is to fill out an application online through the Social Security Administration’s website. Keep in mind that even if you are automatically enrolled in the program, you might still consider exploring your options for additional, supplemental coverage. Speaking of which…

Should You Have a Supplemental Plan or an Advantage Plan?

When purchasing a Medicare Supplement Insurance plan, you remain enrolled in Original Medicare, Part A and Part B. The supplemental part of the coverage is designed to fill in the gaps where basic Medicare coverage is lacking. If you get benefits through a Medicare Advantage plan, this will replace Original Medicare coverage. Advantage plans come with additional benefits. Therefore, the Medicare Supplement is in addition to your standard Medicare coverage, Part A and B, while the Medicare Advantage Plans are replacements for Medicare.

Parts of Medicare Coverage

Original Medicare is broken down into two basic coverages, Part A and Part B. They are outlined below:

• Medicare Part A: This is also sometimes called hospital insurance. It provides coverage for hospital stays and limited coverage of skilled nursing facilities following a hospital stay. It can even cover some hospice and home health services. 
  
  
• Medicare Part B: This is also known as general medical insurance. It pays for services from doctors, outpatient care, covers the cost of medical equipment, pays for preventative services and home health care. 

What About Medicare Advantage Plan?

This particular type of Medicare was previously known as Part C. It includes all the benefits previously outlined under both parts A and B along with additional like prescription drug coverage, hearing, dental, and vision, all in one combination plan. Medicare Part D is yet another supplemental coverage you can opt for to add to Original Medicare for prescription drug coverage.

What if You Miss Out on The Enrollment Period?

If you happen to miss your ideal enrollment period for Medicare Part B, you can always sign up during the general enrollment period, which is from January 1st through March 31st.

Bottom Line: Don’t Be Afraid to Reach Out

Moving into a new season of life, with new benefits and areas to navigate can be stressful and confusing. However, with the right help and resources, it doesn't have to be. Contact our team today to see how we can help!