Medicarease
Simplifying Medicare
For You
Get the Coverage You Deserve with Expert Guidance at Your Fingertips
What is Medicare?
Medicare serves as a federal health insurance plan for folks 65 and up, though it also covers some younger people with disabilities and those dealing with End-Stage Renal Disease. This program aims to help with healthcare costs but doesn’t cover all medical bills or most long-term care expenses. While figuring out your Medicare choices can be tricky, it’s essential to make smart decisions about your health coverage to make sure your medical needs are taken care of.
Medicare Part A
(Hospital Insurance)
Part A has coverage for hospital stays, nursing facility care, hospice services, and certain home health assistance. Most individuals don’t pay for Part A if they or their partner contributed to Medicare taxes during their working years.
Medicare Part B
(Medical Insurance)
Part B provides coverage for specific doctor visits, outpatient treatment medical equipment, and preventive care. Unlike Part A, Part B comes with a monthly cost, which can change based on your earnings.
Medicare Part C
(Medicare Advantage Plans)
These plans often add benefits like eye care dental services, and hearing support, and many include drug coverage (Part D). However, you might have fewer choices when it comes to healthcare providers.
Medicare Part D
(Prescription Drug Coverage)
Original Medicare and several other plans, including Medicare Cost Plans and Private-Fee-For-Service Plans, are covered by prescribed medication coverage provided in Part D. The monthly premium is required for Part D that is offered by different private insurance.
Medigap
(Medicare Supplement Insurance)
Medigap serves as extra insurance to cover the “gaps” in Original Medicare, like copayments, coinsurance, and deductibles. Private companies offer Medigap policies to help lower out-of-pocket costs.
Enrollment Periods
Getting registered for Medicare should be done during the specific timelines as the non-enrollment penalty would otherwise be induced and you won’t have the coverage that you need:
Initial Enrollment Period (IEP): A period that lasts 3 months prior to the time you become 65, including your month of birth, then ends 3 months after that. However, it remains open for 7 months.
General Enrollment Period (GEP): In the case of missing your IEP, you can register for GEP from January 1 to March 31 of each year, and the coverage will be effective from July 1.
Special Enrollment Period (SEP): Some life events such as losing one’s previous healthcare coverage through the employer may give one the right to enroll outside standard enrollment periods.