Breaking Down The Medicare Plans

It’s easier than ever to enroll in Medicare. As soon as you turn 65, the option for medical insurance for seniors becomes available to you. But you have to time your enrollment right so you don’t end up paying extra money for Medicare for the rest of your life—or paying for parts of the insurance that you may not need. Its important that you are prepared to enroll during the “open enrollment” period.

Medicare is a health insurance program for people 65 years old or older. It is also available for some people with disabilities (under 65 years old), and people with End-Stage Renal Disease. There are different components to the insurance plans.

Part A is hospital insurance. For the most part people don’t have to pay for Part A. If you or your husband or wife worked for at least 10 years in federal, postal or other insurance-covered employment agencies, qualifying for Part A without having to pay a premium is likely.

Part B is medical insurance that covers expenses such as doctor office visits and outpatient hospital care. There is usually a monthly premium for Part B and they are withheld from your monthly Social Security check.

Part C or Medicare Advantage (MA) Plans, are health plan options (like an HMO or PPO) approved by the insurance provider and offered by private companies.

Part D is prescription drug coverage. Part D is an optional add on just like Part B. There is a monthly premium if you decide to enroll.

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