What Is Medicare?
Medicare is the federal health insurance program primarily for people aged 65 and older, though it also covers certain younger individuals with disabilities or specific conditions. Understanding how Medicare works is the first step to making informed decisions about your healthcare coverage.
The Four Parts of Medicare
Part A: Hospital Insurance
Part A covers inpatient hospital stays, skilled nursing facility care, hospice care, and some home health services. Most people don't pay a premium for Part A if they or their spouse paid Medicare taxes while working.
Part B: Medical Insurance
Part B covers doctor visits, outpatient care, preventive services, and durable medical equipment. There's a standard monthly premium for Part B, which is adjusted based on your income.
Part C: Medicare Advantage
Medicare Advantage plans are offered by private insurers as an alternative to Original Medicare. These plans include all Part A and B benefits, and often add extra coverage like dental, vision, and prescription drugs.
Part D: Prescription Drug Coverage
Part D helps cover the cost of prescription medications. These plans are offered by private insurance companies approved by Medicare and vary in which drugs they cover and their costs.
When to Enroll
Your Initial Enrollment Period (IEP) begins three months before you turn 65, includes the month of your birthday, and extends three months after. Missing this window can result in late enrollment penalties.
Other Important Enrollment Periods:
- Annual Enrollment Period (AEP): October 15 – December 7
- Medicare Advantage Open Enrollment: January 1 – March 31
- Special Enrollment Periods: Triggered by qualifying life events
How to Choose the Right Plan
Consider these factors when selecting your Medicare coverage:
- Your healthcare needs: How often do you visit the doctor? Do you have chronic conditions?
- Prescription medications: Check if your drugs are covered under the plan's formulary.
- Preferred doctors and hospitals: Make sure your providers are in-network.
- Budget: Compare premiums, deductibles, and out-of-pocket maximums.
- Additional benefits: Some plans offer dental, vision, hearing, or fitness benefits.
Get Expert Help
Medicare decisions shouldn't be made alone. Our licensed agents specialize in Medicare and can help you compare options, understand your benefits, and enroll with confidence — all at no cost to you.