Medicare Basics

Medicare is a government health insurance program for people 65 or older. You’re first eligible to sign up for Medicare 3 months before you turn 65. You may also be eligible to sign up for Medicare benefits earlier if you have been legally disbaled for 24 months, or have End-Stage Renal Disease (ESRD) or ALS (also called Lou Gehrig’s disease).

Original Medicare refers to the first two parts of Medicare, Part A and Part B.

Part A helps pay for inpatient stays in hospitals and skilled nursing facilities, some home care, and end-of-life hospice care. Part A is typically free and covers your room and board at the hospital.

Part B covers 80% of your medically necessary approved medical bills. This includes doctors’ services, diagnostic screenings, lab tests, outpatient care, preventive services, plus some medical equipment and transportation. Part B has a monthly premium based on your income bracket along with an annual deductible.

Medicare Part C, also known as "Medicare Advantage,” is offered by Medicare-approved private companies that must follow rules set by Medicare. In most cases, you’ll need to use health care providers who participate in the plan’s network. These plans set a limit on what you’ll have to pay out-of-pocket each year for covered services. Some plans offer non-emergency coverage out of network, but typically at a higher cost.

Most Medicare Advantage Plans include coverages that aren't included with Orignial Medicare such as prescriptions, dental, vision, gym membership, and more! Many plans also include an Over The Counter drug benefite as no cost to you.

Medicare Advantage Plan premiums can be as low as $0/month.

Medicare Part D refers to stand-alone Prescription Drug Plans through insurance companies that are approved by Medicare.

There are many different Prescriptions Drug Plans which vary in cost based on your specific prescriptions.

Medicare Supplements, often called "Medigap Plans," are insurance plans that helps fill "gaps" in Original Medicare. Original Medicare pays for 80% of the cost for approved health care services and supplies. A Medicare Supplement Insurance policy helps pay the remaining 20% of health care costs that Original Medicare doesn't cover, such as copayments and coinsurance.