Area Agency on Aging shares important Medicare facts
Getting Medicare is a major milestone. Here’s how you can get the information you need, no matter where you are in your Medicare journey.
IMPORTANT MEDICARE FACTS
1. Some people get Medicare automatically, and some have to sign up. You may have to sign up if you’re 65 (or almost 65) and not getting Social Security.
2. A welcome to Medicare packet and your Medicare card will arrive in the mail from the Social Security Administration about 3 months before your 65th birthday.
3. There are certain times of the year when you can sign up or change how you get your coverage.
4. If you sign up for Medicare Part B when you’re first eligible, you can avoid a penalty.
5. You can choose how you get your Medicare coverage.
6. You may be able to get help with your Medicare and Prescription drug costs.
7. There are three ways to Apply for Medicare Parts A and B
WAYS TO APPLY FOR MEDICARE BENEFITS
• Call The Social Security Administration
• Visit you local Social Security Field Office
• Visit Social Securities Online Website
MEDICARE’S COVERAGE
Medicare covers a wide range of medical services such as, Medicare’s approved annual preventative services that are at no cost to you. But Medicare is not free nor does it does cover everything.
Anyone with Medicare will pay for a portion of their expenses, but what is paid will depend on the type of coverage you are enrolled in.
• Parts A (Hospital coverage) & B (Healthcare coverage) are referred to as Original Medicare.
•Part C, a private Medicare Advantage plan which combines Parts A,B, & D and provides extra benefits like Hearing, Dental and Vision.
• Part D, prescription drug plan.
• Costs of Medicare include:
• There is an amount you may pay each month for Medicare Part B benefits
• The monthly cost for part B varies, the average amount is $174.70 or more depending on your income level.
• There are assistance programs to help with the cost of Part B&D premiums and other Medicare cost if eligible.
Medicare Advantage plans and Part D Prescription drug plans also have monthly premiums but vary depending on the medication you take and your income level.
Some people who do not have a work history may also have to pay a premium for Part A.
If you are still employed when you reach Medicare age and take advantage of employer insurance coverage which is also referred to as creditable coverage, depending on the size of the employer, you may be able to delay Parts A&B without having to pay a penalty if you enroll later.
This is the amount you must spend before Medicare pays for your insurance benefit. For example, if you had an inpatient hospital stay covered under Part A in 2024, you would have to pay $1,632 before Original Medicare starts to pay.
COPAYMENTS/COINSURANCE
You may have to pay a portion of the costs of a covered drug or service. This is called a copayment or coinsurance. It is also sometimes called cost-sharing.
GET HELP
A Certified Benefits Counselor will provide you with free, unbiased, one on one services. A benefits counselor will take the time to help you understand your Medicare options and when you are required to make a decision, not enrolling on time can lead to a penalty. Medicare is not free, if you need help paying for the costs of Medicare and prescription drugs, ask about Extra Help, the Medicare Savings programs, Medicaid, and state pharmaceutical assistance programs. A Certified Benefits Counselor can assist you with applying for any of these programs based on your eligibility. It is always important to consider plan coverage and price options. The least expensive plan is not always the best option. Neither is the most expensive plan always the best option. Get advice about what makes sense for your personal situation and assistance with programs to help with costs associated with Medicare.