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Medicare Step 1: Learn the basics
Medicare is a federal health insurance program in the United States primarily for people aged 65 and older, but also for some younger individuals with disabilities or specific conditions like End-Stage Renal Disease. It consists of four parts:
- Part A: Covers inpatient hospital stays, skilled nursing facility care, hospice, and some home health care.
- Part B: Covers outpatient care, doctor services, preventive services, and some home health care.
- Part C (Medicare Advantage): Offers an alternative way to receive Medicare benefits through private insurance plans that often include additional services like vision, dental, and prescription drugs.
- Part D: Provides prescription drug coverage through private insurance plans.
Medicare helps beneficiaries manage healthcare costs, though it typically requires premiums, deductibles, and copayments. Financial assistance programs like Medicaid and Extra Help can support eligible low-income beneficiaries with these costs.
Medicare Cost
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How does receiving Social Security benefits relate to obtaining Medicare?
Prior to reaching 65:
Your automatic enrollment in Part A (Hospital Insurance) and Part B (Medical Insurance) of Social Security (or the Railroad Retirement Board) upon reaching 65 years old is contingent upon your application being submitted at least four months prior to your 65th birthday.
You will still have to make critical choices regarding your insurance, such as whether to add prescription coverage.
You will need to enroll in Medicare if you wish to receive coverage when you turn 65 but do not intend to take retirement benefits at that time.
Following your 65th birthday:
When the time comes for you to enroll in Medicare, you'll need to get in touch with Social Security.
Depending on your work situation and if you have health coverage through your employer, you may want to wait to sign up for Medicare.