Medicare 101
By Synergy Capital Solutions on June 3, 2024
Medicare serves as a vital federal health insurance program, providing crucial support to individuals aged 65 and older, as well as those with qualifying disabilities. With over 58.5 million beneficiaries, Medicare offers coverage for hospitalizations, doctor visits, and more, although supplemental coverage is often recommended.
Am I Eligible?
To qualify for Medicare, individuals must have contributed to the system through 10 or more years of work and be over 65 years old. Additionally, those under 65 with qualifying disabilities and individuals who are U.S. citizens or permanent legal residents are eligible to enroll.
When should I enroll in Medicare?
There are three main periods to be aware of: the Initial Enrollment Period, General Enrollment Period, and Special Enrollment Period, each offering specific opportunities.
The Initial Enrollment Period begins three months before the month of your 65th birthday, includes your birthday month, and extends for three months afterward. Enrolling during this time will prevent any potential penalties or increases in premiums.
The General Enrollment Period is for individuals who missed their Initial Enrollment Period. It takes place annually from January 1st to March 31st. During this period, you can enroll, renew, and/or make changes to your plan.
The Special Enrollment Period is designed for individuals who experience certain qualifying events that allow them to enroll in Medicare outside of the Initial or General Enrollment without facing penalties.
Understanding the ABCs of Medicare:
Medicare Parts A and B, known as traditional Medicare, provide essential healthcare coverage. Part A covers inpatient hospital care and nursing home services, while Part B includes doctor visits and routine exams, requiring a monthly premium and deductible. Part D deals with prescription drug. Medicare Advantage, or Part C, combines Parts A and B with added benefits like vision and dental coverage, typically including Part D. Seniors, using Traditional Medicare, often opt for supplemental insurance, known as Medigap, to reduce the 20% cost sharing.
Important Notes:
Medicare does not cover Long Term Care.
For further assistance and guidance, individuals can reach out to State Health Insurance Programs (SHIPs) or our team at Synergy Capital Solutions. We’re committed to assisting you throughout your Medicare journey and ensuring you make informed decisions about your healthcare coverage.
