Five Most Important Things New Medicare Beneficiaries Should Know
Too often when seniors reach the age of 65 and become eligible to enroll in Medicare they don’t take the time to fully understand the program and the benefits it offers.
“Unfortunately, too many seniors don’t ask enough questions before they enroll in Medicare,” says Alan Weinstock, insurance broker at MedicareSupplementPlans.com. “Then they are suddenly faced with enrollment time and they don’t know what to do.”
Know When You Are Eligible to Sign Up for Medicare
Why is this so important? If you don’t sign up during your initial enrollment period for some Medicare programs — like Medicare Part B (Medical Coverage) and Medicare Part D (Prescription Drug Coverage) — you might pay a higher monthly fee when you sign up later. The exceptions would be if you turn 65 and still have coverage through your or your spouse’s employer and/or you have better prescription coverage at the time of eligibility.
You have seven months within which to initially enroll in Medicare. The enrollment period begins three months before the month of your 65th birthday and ends three months after. During these seven months you can sign up for whatever Medicare coverage you choose.
Understand Medicare Parts A, B, C and D
There are four parts to Medicare: Parts A, B, C and D. They each provide different coverage and you can choose what you need accordingly.
Medicare Part A is hospital insurance and will help cover you for inpatient stays at hospitals, skilled nursing facilities and hospice as well as home health care and medicines administered to inpatients. There are no fees for Medicare Part A if you paid enough in Medicare taxes while working.
Medicare Part B is your medical insurance. This portion covers your doctor’s visits, outpatient services such as lab tests, preventive services, doctor’s services in the hospital and medicines administered in the doctor’s office. The monthly fee for Medicare Part B is $115.40 starting in 2011.
Medicare Part C is also known as Medicare Advantage. Medicare Advantage Plans combine Medicare Parts A and B and very often include Medicare Part D into a single plan. Medicare Part D is for prescription drug coverage you use at home.
Consider the Different Medicare Options
When you sign up for Medicare you have the option of choosing original Medicare (Medicare Parts A and B) or a Medicare Advantage Plan (Medicare Part C). Very often people who choose original Medicare also select a Medicare supplement or Medigap plan.
Original Medicare coverage is provided through the government whereas a Medicare Advantage Plan is provided through a government-approved private insurer. A Medicare supplement or Medigap plan fills in the gaps not covered by original Medicare. You can choose to buy a Medigap policy from a private insurance company. If you choose a Medicare Advantage Plan you do not need to have a Medigap plan.
Find Out How to Enroll in Medicare
To sign up for Medicare Part A and B, call Social Security at (800) 772-1213 to make an appointment for an interview. The interview can be done by phone or in person. You also can apply for retirement benefits along with Medicare Part A and B by going online to the Medicare.gov website.
Learn Basic Medicare Terminology
One of the most important things that new Medicare beneficiaries should do is to learn Medicare terminology. Understanding the difference between words like premium and copayment will go a long way in helping you to navigate your Medicare coverage.
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