Approaching Age 65?
It's Time To Think About Medicare!
By: Steven Thomas Smith
What is Medicare? Medicare is a government health insurance program for those 65 and older, as well as certain younger individuals with disabilities. This shouldn’t be confused with Medicaid, which is a program based on income and resources rather than age.
The foundational Medicare program, referred to as Original Medicare, is administered by the government and serves as the default option for beneficiaries. However, it’s important to note that Original Medicare does not include coverage for prescription drugs, dental, hearing, or vision care. Consequently, many individuals opt for Medicare Advantage plans, also known as Medicare Part C.
Original Medicare does not include coverage for prescription drugs, dental, hearing, or vision care, which is why many opt for Medicare Advantage plans.
MEDICARE ADVANTAGE PLANS are provided by private health insurance companies and serve as an alternative to Original Medicare. These plans may offer additional benefits beyond what Original Medicare provides.
For those who choose to remain with Original Medicare, there are avenues for expanding coverage:
MEDICARE SUPPLEMENTS, also referred to as Medigap, are standardized options offered to help off set out-of-pocket costs and bridge potential coverage gaps.
PRESCRIPTION DRUG PLANS (PDPs) cover prescription medication costs and can be seamlessly added to Original Medicare. They are sometimes called Medicare Part D (though Part D can also refer to drug coverage included in a Medicare Advantage plan).
DENTAL, VISION, AND HEARING (DVH) plans are designed to offer coverage for these non-Medicare covered health areas, providing targeted support for beneficiaries’ specific health care needs.
You can expand your coverage under Original Medicare by purchasing separate plans offered by private insurance companies.
Now that you know the parts of Medicare, you need to know when to sign up! For most people, the first opportunity to sign up for Medicare is the 7-month window including and surrounding the month of your 65th birthday. This is called your Initial Enrollment Period (IEP).
Many people who have employer-sponsored health care can delay enrollment in Medicare without penalty. If you are planning on delaying enrollment and not signing up during your IEP, you should still speak to a trusted agent about your plans before or near the beginning of your IEP. Some plans require that you enroll in Medicare right away for claims to be paid correctly, or even if you can delay enrollment, you may find that Medicare is a more affordable option.
