Medicare Fundamentals
Who can get Medicare? Anyone who is 65 in America, even permanent residents who have lived here at least 5 years. People who have qualified for 24 months of Social Security disability also become eligible. For people aging into Medicare at 65, it doesn’t matter if you are taking Social Security benefits yet.
Once you’ve confirmed you qualify for Medicare, I recommend starting with the basics. People get confused trying to figure out Medicare Supplement plans (also known as Medigap), Medicare Advantage plans and Prescription Drug plans before they even understand how their Original Medicare benefits work.
Medicare
When you reach 65 you are now faced with a new health insurance option: You are now eligible for Medicare. Contrary to what many think, Medicare isn’t free and there are a variety of options available to meet your specific needs. Medicare is actually broken up into 4 parts plus additional Medicare Supplement plans that can fill in the gaps.
- Medicare Part A: Part A covers hospital care, skilled nursing, hospice and some home health care.
- Medicare Part B: Part B covers doctor visits, preventive care, outpatient care and hospitals, and some home health care.
- Medicare Part C: Part C is also known as a Medicare Advantage plan. These are Medicare health plans offered by private companies that contract with Medicare to provide you with all your Part A and Part B benefits.
- Medicare Part D: Part D covers prescription drug plans.
Medicare Supplement
Medicare supplemental plans, or Medigap plans, are designed to supplement Original Medicare by paying for those health care costs—the gaps in coverage—that Original Medicare doesn’t pay. Medicare will pay its share first, and then your Medigap plan will pay its share. With a Medigap plan, you can go to any doctor, specialist or hospital that accepts Medicare.
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Dylan Sunderland 