Medicare: A Guide for Beginners

What is Medicare?

Medicare is a federal health insurance program for people 65 and older, people with certain disabilities, and people with End-Stage Renal Disease (permanent kidney failure requiring dialysis or a transplant). Medicare is not a single health insurance plan, but rather a set of four different parts that provide different types of coverage.

Part A: Hospital Insurance

Part A covers inpatient hospital stays, skilled nursing facility stays, hospice care, and some home health care services. You do not have to pay a monthly premium for Part A if you are already receiving Social Security benefits or Railroad Retirement benefits. However, you may have to pay a deductible and coinsurance for some services.

Part B: Medical Insurance

Part B covers doctor visits, outpatient hospital care, preventive services, and some other medical services. You have to pay a monthly premium for Part B, which is $148.50 in 2023. You may also have to pay a deductible and coinsurance for some services.

Part C: Medicare Advantage Plans

Part C plans are private health insurance plans that are designed to be a supplement to Medicare. Part C plans typically cover all of the services covered by Part A and Part B, and they may also cover additional services, such as dental care, vision care, and hearing care. You have to pay a monthly premium for Part C, and you may also have to pay a deductible and coinsurance for some services.

Part D: Prescription Drug Coverage

Part D covers prescription drugs. You have to pay a monthly premium for Part D, and you may also have to pay a deductible and coinsurance for some drugs.

How to sign up for Medicare

You can sign up for Medicare during your Initial Enrollment Period (IEP), which is the seven-month period that begins three months before your 65th birthday, includes the month of your birthday, and ends three months after your birthday. If you miss your IEP, you may still be able to sign up for Medicare, but you may have to pay a late enrollment penalty.

Medicare resources

There are many resources available to help you learn more about Medicare. You can visit the Medicare website at http://www.medicare.gov, or you can call the Medicare hotline at 1-800-MEDICARE (1-800-633-4227).

I hope this blog post has helped you understand Medicare in the simplest terms. If you have any further questions, please feel free to contact me.

Sources

info

1. www.careplushealthplans.com/medicare-information/glossary
2. moam.info/resource-guide-for-people-with-visual-impairments-resource-guide_59bfc7551723dd91e7bf80a6.html