At age 65, you have access to Medicare health insurance options. However, when reviewing your options, you might feel overwhelmed by the sheer number of policy types, enrollment dates and possible penalties.
It’s important to understand that Medicare coverage can be broken down into four parts: Part A, Part B, Part C, and Part D. Here’s what each part will cover for you.
- Part A – Hospital Insurance
- Part B – Out-Patient Insurance
- Part C – Managed Care – Part, A, B & D Combined
- Part D – Prescription Drug Insurance
- Dual Medicare/Medicaid Plans
Optional coverages can help with costs above what Medicare covers.
- MediGap/Medicare Supplement
- Short-Term/Recovery Care
- Cancer/Critical Illness Coverage
- Hospital Indemnity
Enrollment in the different parts of Medicare is available only at specific times, depending on many different factors. Penalties for late enrollment can be substantial so understanding the enrollment periods is important.
Interested in learning more about your Medicare options? If so, Lisa Kennedy is ready to assist you with all of your insurance needs today. It is good to start the conversation at least 3 months before turning 65.