Your Brighter Financial Future - Kathy Jeang

Navigating Medicare: What You Need To Know

Medicare is a vital resource for millions of Americans, providing access to affordable healthcare for seniors aged 65 and older, individuals with specific disabilities, or those battling end-stage renal disease. 

However, the intricacies of Medicare can sometimes be overwhelming, with its different parts and enrollment periods. 

That’s where we come in! As your trusted insurance broker, we’re here to help you understand your Medicare options and find the best plan to suit your unique needs. 

In this article, we’ll walk you through the essentials of Medicare, so you can make informed healthcare decisions.

Medicare - Brighter Financial Future - Kathy Jeang
Medicare - Brighter Financial Future - Kathy Jeang

Original Medicare: Parts A and B

Most people sign up for both  Part A (Hospital Insurance) and Part B (Medical  Insurance) when they’re first eligible (usually when they turn 65).

Generally, there are risks to signing up later, like a gap in your coverage or having to pay a penalty. However, in some cases, it might make sense to sign up later.

If you miss an enrollment period, you might qualify for a Special Enrollment Period. If you have questions about enrollment dates, please connect with me

Original Medicare consists of two primary parts: Part A and Part B.

Part A: Hospital Stays

Part A is often referred to as “hospital insurance.” It covers inpatient hospital care, skilled nursing facility care, hospice care, and some home healthcare services. For many people, Part A is premium-free if they or their spouse paid Medicare taxes while working.

Part B: Doctor Visits and Outpatient Care

Part B, known as “medical insurance,” covers services provided by doctors and other healthcare providers, outpatient care, home healthcare, and preventive services. Part B does come with a monthly premium, and its cost may vary based on your income.

Medicare Advantage: Part C

Medicare Advantage, or Part C, is an alternative to Original Medicare offered by private insurance companies.

These plans combine the benefits of Parts A and B and often include prescription drug coverage (Part D).

Some Medicare Advantage plans even offer extra benefits such as dental, vision, and fitness programs.

Our brokerage can help you explore the variety of Medicare Advantage plans available to find the right fit for you.

Medicare - Brighter Financial Future - Kathy Jeang
Medicare - Brighter Financial Future - Kathy Jeang

Prescription Drug Coverage: Part D

If you require prescription medications, you’ll want to consider enrolling in a Part D plan. 

Part D helps cover the cost of prescription drugs and is available as a standalone option or as part of Medicare Advantage plans. We can assist you in selecting the Part D plan that best suits your medication needs and budget.

Medicare Supplemental (Medigap)

While Original Medicare provides extensive coverage, it doesn’t cover all your healthcare expenses. That’s where Medigap coverage comes in.

Medigap policies are sold by private insurance companies and help cover the gaps in coverage left by Original Medicare.

These policies offer various options to meet your specific needs.

It’s important to note that you cannot use a Medigap plan with a Medicare Advantage plan, so choosing the right combination is crucial.

Medicare - Brighter Financial Future - Kathy Jeang
Medicare - Brighter Financial Future - Kathy Jeang

Enrollment Periods

Understanding Medicare enrollment periods is essential to ensure you get the coverage you need when you need it.

The Initial Enrollment Period (IEP) is typically when most people first become eligible for Medicare, around their 65th birthday.

There are also Special Enrollment Periods (SEPs) for specific circumstances like moving to a new area or losing other coverage. 

Annual Open enrollment happens every year from October 15 – December 7th during this enrollment period you can make changes to the coverage you have.  Common reasons people make changes during this time  are doctor(s) no longer in the Network, prescription has changed, or you just plain don’t like the doctor, office staff etc.

Our team can guide you through these enrollment periods to avoid any gaps in your coverage. If you’d like more information or any assistance in changing your plan, please click the button below.

Navigating the world of Medicare can be complex...

but you don’t have to do it alone.

As your trusted insurance broker, we’re here to help you make informed healthcare decisions

Your health and well-being are our top priorities, and we’re dedicated to finding the best Medicare options tailored to your needs. 

Connect with us today to explore your Medicare choices, understand your enrollment options, and take a step towards your secure and healthy future. We’re just a call away, ready to answer your questions and guide you through this essential aspect of your retirement. 

Let’s embark on this Medicare journey together!