Review and Choose the Right Medicare Plan For You

Original Medicare, a fee-for-service health plan, consists of two parts:

• Part A—Hospital Insurance
• Part B— Medical Insurance

Medicare will cover its share of Medicare-approved expenses after you have met your deductible.

Medicare Advantage is a health and drug coverage plan from a private company that Medicare approves. It is an alternative to Original Medicare. Most of the time, these “bundled” plans include Parts A, B, and D. Most plans only let you see doctors who are part of their network except in an emergency.

Medicare Supplement Insurance, often known as Medigap, may help cover some Medicare-approved treatment costs that Original Medicare doesn’t cover.

These can include:

• Deductibles
• Coinsurance
• Copayments

Part D of Medicare covers prescription drugs which original Medicare doesn’t cover.

Part D costs vary by plan. It is important to consider all Medicare Part D options before choosing one.

Original Medicare coverage is automatically renewed each year you are eligible. Thus, you do not need to renew your Medicare components each year.

All Medicare Supplement plans work the same way. Once you are accepted, the plan automatically renews as long as you continue to pay the monthly premium.

Plans for Medicare Advantage work the same way. But you can change your plan every year during specified enrollment periods, if you wish.

Original Medicare is national, but only providers who accept Medicare are covered. Medicare Advantage plans have provider networks that can be limited to a certain area. Pay close attention to which providers in your area accept Medicare when looking at private health insurance plans to get care when needed

Medicare eligibility depends on following factors:

• Age: You must be 65 or older to participate in Medicare.
• Disability:Medicare is available to under-65 disabled people who meet certain requirements.
• End-Stage Renal Disease: You are Medicare-eligible if you have ESRD.

Part A is free for most people. However, Part B of Medicare costs money. The premium is withdrawn monthly from your Civil Service Retirement, Railroad Retirement, or Social Security check. If you don’t pay, Medicare bills you every three months.

People who are eligible for Medicare are often automatically enrolled. Others may have to apply for Medicare on their own.

You must enroll during the initial enrolment period (IEP) around your 65th birthday or 25th disability check.

You will have 7 months to decide. This includes your birth month and the three months before, following, and in between.

If your birthday is the first, you’ll be considered born the month before.

Medicare eligibility and coverage are not affected by pre-existing conditions or previous health issues. Original Medicare is available to anyone 65 or older, people under 65 who meet certain disability requirements, or with end-stage kidney disease (ESKD).

As a general rule, Medicare eligibility is automatically granted to individuals age 65. Medicare enrollment lasts three months before and after your 65th birthday.

Medicare coverage is optional. Medicare Part B may cost more if you don’t enroll when first eligible and then decide to enroll later.

A Special Enrollment Period allows those eligible for Medicare but still covered by their employer or union’s insurance to delay enrolling in Medicare.

During the Medicare Advantage Annual Enrollment Period, which runs from October 15 to December 7, existing Medicare beneficiaries can sign up for or change plans. This is your chance to look at how plans have changed for the next year and compare your options to figure out what’s best for you.

Medicare Part A helps pay for healthcare costs, such as hospital stays, skilled nursing facilities, and care at home.

The 2024 hospital and skilled nursing facility costs are as follows:

Medicare Part B helps pay for medical care outside a hospital.

Here are the costs for Medicare Part B in 2024:

Private health insurance firms sell Medicare Advantage (Part C) plans, so 2024 pricing will vary. Check with your Part C provider to find out how much your premium will be in 2024.

The average monthly premium for Part C plans is expected to drop from $19.52 in 2022 to $18 in 2023, according to projections by the CMS.

Medigap, or Medicare Supplement Insurance, is a set of plans you can purchase from private companies. They help cover out-of-pocket costs for Medicare-approved services that Original Medicare doesn’t cover. This means that the cost of Medigap plans will vary depending on the insurance provider and state.

Medigap plans C and F are unavailable to Medicare recipients who became eligible after January 1, 2020.

The price of a Medigap plan in 2024 will vary greatly because the coverage depends on your age, needs, location, and insurance provider. Based on these factors, each company sets its premiums. When picking a Medigap provider, it is crucial to evaluate plans and costs.