Enrollment for Medicare should be done as soon as one becomes first eligible, there is a penalty for late enrollments. If you currently have health care and you are eligible for Medicare speak with the benefits administrator about the pros and con of joining Medicare in your situation while still under coverage.
The original Medicare Plan is a fee for service plan managed by Federal Government. Many supplies and services are covered but not all your health care costs.
The four parts of Medicare are
- Part A – Hospital Insurance
- Part B – Medical Insurance
- Part C – Medical Advantage-The option of receiving benefits of Parts A, B, D through a private health plan (i.e. HMO, PPO)
- * Part D – Prescription Drug Coverage
Most will not pay a premium for Part A; there are monthly premiums for Part B (around $95 a month, those with incomes over $80,000 pays more). There is usually a premium for Part D and those are higher the longer you wait to enroll. Once you have past the first window of eligibility you will have to wait for the annual enrollment period (Nov 15 – Dec 31).
Contact Medicare and Medicaid Services Centers for more information or log onto their website at http://www.medicare.gov or call 1-800-MEDICARE
(1-800-633-4227).