Turning 65? Your Essential Medicare Enrollment Checklist

Understanding the Medicare Parts

When you turn 65, a whole new world of health insurance options opens up, most notably Medicare. The program includes different parts, each covering distinct services. Here's a quick overview:

 

  • Medicare Part A: Hospital insurance that covers inpatient care, skilled nursing facility care, hospice, and home health services.
  • Medicare Part B: Medical insurance that covers outpatient care like doctor services and preventive services.
  • Medicare Part D: Prescription drug coverage offered by private insurance companies to help cover the cost of medications.

 

Understanding these parts is crucial in creating your personalized Medicare coverage plan.

 

Check Your Enrollment Period

Medicare enrollment isn't automatic for everyone. Most people are eligible three months before and after their 65th birthday, a seven-month period called the Initial Enrollment Period (IEP). Signing up on time is important to avoid late enrollment penalties.

 

Deciding Between Original Medicare and Medicare Advantage

Once you're familiar with the components of Medicare, you'll need to decide between Original Medicare or Medicare Advantage (Part C), which includes both Part A and Part B and often Part D. Medicare Advantage plans are offered by private insurers and can sometimes offer additional benefits like vision or dental coverage.

 

Consider Medicare Supplement Insurance (Medigap)

For those who choose Original Medicare, considering a Medigap policy is wise. Medigap can help cover out-of-pocket expenses not paid by Medicare, reducing your financial burden.

 

Ensure Continuous Coverage with Prescription Drugs

Part D plans differ widely in formulary coverage (which drugs are covered), so it's crucial to select one that best fits your medication needs. Failing to enroll in a Part D plan when first eligible can result in a penalty.

 

Get Your Questions Answered

Navigating Medicare can be daunting, but resources are available. Cedar Springs Advisors in Sandy, Oregon is ready to guide you. Our experts can provide personalized advice and help you compare plans to ensure you choose the best one for your needs. Remember, making informed decisions now can set up a solid foundation for your healthcare future.