Turning sixty-five has some serious benefits. You get to save a little dough at the movies and at Denny’s, and you get to save a lot on your health insurance. For those who become Medicare eligible by age, disability or end stage renal, enrolling in the right health coverage can be as easy as One, Two, Three.
1) Sign up for Medicare
Most people who accept Social Security will be automatically be enrolled in Original Medicare. For those of you that have to sign up, there is a 7 month initial enrollment period.
Original Medicare coverage is broken up into two parts: Part A (hospital) and Part B (general medical).
2) Decide if you want Medigap or Medicare Advantage
Medicare supplement insurance, often called Medigap fills in the gaps where Medicare leaves off such as extending hospitalization by 365 days, paying for the first 3 pints of blood, and covering hospital coinsurance. Medigap offers insurance from to basic to extensive. More extensive plans cover deductibles, excess charges, and foreign emergency healthcare. This means that if you get sick, you won’t get sick from the medical bills.
Medicare Advantage (MA), on the other hand, is another way to get your Medicare Part A and Part B coverage and additional benefits. Most Medicare Advantage Plans include drug coverage (Part D) but some include dental, vision and hearing. In most cases, you’ll need to use doctors who participate in the MA plan’s network for the best pricing.
3): Get a Prescription Plan
Prescriptions are not covered through Original Medicare or Medigap so you would need to purchase a Part D plan to get Rx coverage. If you select an MA plan that includes drugs you will not need to buy a separate Part D drug plan. Visit our Medicare Prescription Coverage page here.
Contact Senior65 with any questions.