Best Option For Medicare Coverage

Best option for medicare coverage

Key Points in Making Your Decision

There are many choices for health coverage in the Medicare system.

Best option for medicare coverage

You are eligible for Medicare Part A (hospital care)and Part B (doctor visits) when you turn 65. If you are already receiving Social Security benefits, you will automatically be enrolled in Medicare.

Best option for medicare coverage

Otherwise, you can sign up during the 3 months before your 65th birthday, your birthday month, and the following 3 months. If you were automatically enrolled, you can opt out of Part B if you don't want to keep it, but there are financial consequences for doing so.

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Consider the following when making your decision:

  • If you are covered by other health insurance now, such as health benefits offered through your job, there is no penalty if you defer Part B (doctor visits) until you or your spouse retires and loses work-based coverage.
  • If you are not covered by other insurance, and you do not sign up for Part B (or keep it if you were automatically enrolled), you will pay a penalty for signing up late, which will increase your costs for life.
  • If you have Part B, you can buy extra insurance to cover health care costs that the traditional Medicare plan does not cover.

    Either a Medigap plan or a Medicare Advantage plan can help fill in the gaps in coverage.

Understanding Medicare Coverage Options