Here are some Medicare frequently asked questions.
1) What is the Difference Between Medicare and Original Medicare?
Medicare is the program in which you can either enroll in Original Medicare or Medicare Advantage for your Part A and Part B coverage. The term “Medicare” is used in place of Original Medicare, whereas one would not say “Medicare” to talk about Medicare Advantage.
2) Does Medicare Cover Rx?
Original Medicare covers very limited prescription drugs. For full coverage you’ll want to look into Medicare Part D, or enroll in a Medicare Advantage plan with Rx.
3) What are the Medicare Late Penalties?
There are three separate penalties for Medicare:
- Part A Penalty: 10% of premium for twice the number of years you were eligible but didn’t enroll
- Part B Penalty: 10% for each full twelve month period you were eligible but didn’t enroll, and this can last through your lifetime. An example if you went 48 months before enrolling, you would owe 40% extra each month
- Part D Penalty: 1% for each MONTH you didn’t enroll but were eligible. This like Part B’s penalty lasts throughout your lifetime.
4) What’s the Difference Between Medigap and Medicare Supplement?
Medicare Supplement is the formal name of Medigap. They both mean exactly the same thing.
5) Can I have Medicare Advantage and Medigap?
No. It is not legal to have both Medicare Advantage and Medigap at the same time. You’ll want to make a decision when you’re first eligible for Medicare whether an MA plan or Medicare Supplement plan is right for you.
For any further questions call the number above.
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