Alright, so you’re eligible for Medicare, but have no clue what to do. No problem. We’ve got answers. Medicare can seem really confusing without the right guide. So we’ve listed what you need to save the most money with Medicare.

1) Get Both Medicare Part A & B

You should get both Medicare Part A and Part B to have the basic coverage.

      Medicare Part A
      This is the in case of emergency type of insurance, you know, if you had a fall, a car accident, or need surgery this is what has you covered. Well, partially covered. What do I mean by partially covered? Give me a moment and I’ll explain after I tell you about Medicare Part B.
      Medicare Part B
      This is the daily coverage you need, for stuff like getting a physical, taking an ambulance, getting a second opinion before surgery, or seeing a therapist. Having the combo of Medicare Part A and Part B covers the basics. Now I’ll explain what I meant by partially covered. Original Medicare covers a percentage of services and short term hospitalization, however if you had a serious illness or accident and only had Medicare, it can be very costly.

2) Sign Up for Medicare During the Initial Enrollment

More than likely you will be automatically enrolled in Medicare Part A and Part B. If you aren’t automatically enrolled you’ll have 7 months to sign up: 3 months before your birth month, your birth month, and the three months that follow your birth month. It’s really important that you don’t delay on signing up for two reasons:

      1) Late Penalties Both Medicare Part A and Part B have late penalties. The penalty for signing up late for Medicare Part B is 10% extra in your monthly premium for each full 12-month period that you were eligible but didn’t sign up. An example is if you waited 42 months to sign up, you would pay 30% more on your monthly premium, but if you had waited a full 48 months, it would cost you 40% more on your monthly premium. So, basically, if you like saving money, sign up as soon as you’re eligible.
      2) May Not Qualify for Medigap If you wait to sign up for Part A and Part B you may not be eligible to enroll in Medigap. Medigap requires medical underwriting if you enroll late

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3) Check Out Medicare Supplement Plans

Medicare Supplement Plans, AKA Medigap, is what fills in those Medicare gaps. All plans cover coinsurance for Medicare Part A and Part B, blood transfusions, and hospice care. More comprehensive plans have cover you when you travel to foreign countries as well as skilled nursing care, and deductibles.

4) Part D, You Need It

Really? You must be thinking. But if we’re talking saving money, prescriptions are very expensive, and surprisingly neither Original Medicare or Medigap offer prescription drug coverage. This also means there are no negotiated rates, so you’d be paying full price without Medicare Part D, AKA Prescription Drug Plans. To learn more go to our Prescription Overview Page.

What to do after reading this guide
If you have questions about saving money once you’re eligible for Medicare call the number above or contact Senior65.com for assistance.