Navigating Medicare 

As you approach retirement age, one essential consideration is healthcare coverage. One option available to eligible individuals is Medicare.

This federal health insurance program can provide healthcare coverage for Americans aged 65 and older and some younger individuals with specific health conditions.

What is Medicare?

Medicare consists of several parts, each addressing different aspects of healthcare services:

• Medicare Part A may provide hospital insurance for inpatient hospital stays, skilled nursing facility care, hospice care and some home healthcare services.
• Medicare Part B may provide coverage for certain doctors’ services, outpatient care, medical supplies and preventive services.
• Medicare Part C (Medicare Advantage), offered by private insurance companies approved by Medicare, these plans provide the same benefits as parts A and B and may include additional coverage for prescription drugs coverage and vision or dental care.
• Medicare Part D is prescription drug coverage offered through private insurance companies approved by Medicare.

Eligibility for Medicare

You’re generally eligible for Medicare if you meet any of the following criteria:

• You’re 65 years old or older and either a US citizen or a legal resident who has lived in the US for at least five consecutive years.
• You’re under 65 but have received Social Security Disability Insurance (SSDI) for at least 24 months.
• You have end-stage renal disease (ESRD) or amyotrophic lateral sclerosis (ALS), regardless of your age.

Medicare Enrollment Periods

Understanding and navigating Medicare enrollment periods is crucial to ensure you enroll in the right plan at the right time. Below are some critical enrollment periods to be aware of. Your agent can help explain other enrollment periods that may be relevant to your circumstances.

• Initial enrollment period (IEP)—This is the seven-month period that begins three months before your 65th birthday month; it includes your birthday month and extends three months after your birthday month.
• General enrollment period (GEP)—This runs from Jan. 1 to March 31 each year, and late enrollment penalties may apply.
• Special enrollment period (SEP)—Specific life events, such as moving, losing other health coverage or qualifying for extra help with Medicare costs, may allow you to enroll in or change your Medicare coverage outside the standard enrollment periods.

Contact Us

Contact Upix Agency in Elizabeth, New Jersey, to learn about navigating Medicare options. Our knowledgeable agents can help you choose the appropriate coverage.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.