The Basics
A federal government program, Medicare offers health insurance to all eligible individuals age 65 or above. Individuals under 65 with certain medical conditions or disabilities are also eligible for Medicare. Designed to take care of your health coverage needs, Medicare consists of different components, referred to as Parts A, B, C and D.
Parts Of Medicare
These different parts of Medicare cover specific services. Let’s take a look at each of them:
Covers inpatient hospital stays, hospice care, care in a skilled nursing facility, and certain home health care. [More about Medicare Part A]
Covers costs involved with certain doctors' services, medical supplies, outpatient care, and preventive services. [More about Medicare Part B]
Offers additional medical benefits to Part A and Part B like wellness programs, hearing aids and eye exams. [More about Medicare Part C]
Covers the cost of prescription drugs, along with many recommended shots or vaccines. [More about Medicare Part D]
Eligibility
You can meet the Medicare eligibility criteria if you:
- Are 65 years old or more
- Receive Social Security or Railroad Retirement Board benefits in the US
- Have been diagnosed with certain conditions such as ESRD (end-stage renal disease)
- or ALS (amyotrophic lateral sclerosis), also known as Lou Gehrig’s disease.
Enrolling for Medicare
From when you first become eligible for Medicare, you're part of an Initial Enrollment Period - a seven-month window when you can enroll in Original Medicare, i.e. Part A and/or Part B. You can also enroll in Part D, which is a Medicare drug coverage plan, if you are already enrolled in Original Medicare.
Once this period has lapsed, you can make changes to your enrollment either during the Medicare Open Enrollment Period or the General Enrollment Period.
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Medicare Open Enrollment Period (October 15th to December 7th)
During this period, you can review and make necessary changes to your coverage plan. Some of the changes include joining a Medicare Advantage plan, changing one Medicare Advantage plan to another, or discontinuing it altogether.
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General Enrollment Period (January 1st to March 31st)
This period allows you to enroll for Original Medicare Plans i.e Part A and Part B. This way, you can sign up with Original Medicare if you missed the opportunity to do so during the Open Enrollment period.
Understanding Medicare and choosing a plan that works best for you is important so that healthcare coverage and medical expenses don't become a financial burden. With the right Medicare plan, you can focus on healing and recovery instead of the financial implications of a medical emergency.