Confused about Medicare? If so, you’re not alone

In a study by Bankers Life and Casualty Company Center for a Secure Retirement(SM), 56% of American middle-income baby boomers admitted to knowing little or almost nothing about the Medicare program.

Many Realtors® are responsible for their own health insurance. Do you know how to enroll in Medicare? Medicare is the federal health insurance program that insures most seniors and some younger people with certain disabilities. Many people help pay to fund it, yet few understand what it is and how it works. In total, Medicare has four parts.

1. Medicare Part A helps with hospital costs, including inpatient stays, skilled nursing facilities, hospice, and home health care.
2. Medicare Part B covers outpatient medical care, including doctor visits, ambulance services, therapy, prosthetics, lab services, medical testing and durable medical equipment.
3. Medicare Part C is an alternative to Medicare Parts A and B. This portion of Medicare is run by private insurers who create plans, known as Medicare Advantage plans, that cover hospital costs, doctor’s visits, outpatient care and sometimes even prescription drugs. These plans also sometimes offer dental, vision, hearing, and wellness benefits.
4. Medicare Part D helps cover prescription drug costs. This portion of Medicare is also run by private insurance companies.

To qualify for Medicare, you must be turning 65 and eligible for social security, or meet the program’s disability eligibility requirements. Unlike under-65 health insurance, Medicare does not offer coverage to dependents. There are situations where you can get Medicare Part A and B coverage through your spouse, but all other Medicare-related plans are sold on an individual basis.

If you’re turning 65, you have an initial enrollment period to sign up for Medicare that begins three months before the month you turn 65 and ends three months after it. After this time period passes, you can make changes to your coverage during Medicare’s Annual Enrollment Period, which runs from Oct. 15 to Dec. 7. If you experience certain life events or coverage changes, you may qualify for a special election period that allows you to change your coverage outside of AEP.

Which parts should you sign up for? It depends. First, you have to decide if you want to sign up for part A, part B or parts A and B (original Medicare) OR if you want to enroll in a Part C plan. If you sign up for original Medicare or a Medicare Advantage plan without prescription drug coverage, you’ll want to sign up for a Part D plan as well. If you sign up for original Medicare, you can also elect to sign up for a Medicare supplement plan. Medicare supplement plans are not required but help fill large holes in original medicare coverage. All plan costs vary by plan type and insurer.

Understanding all your options can be confusing, but determining what coverage to enroll in is a decision that shouldn’t be taken lightly. In order to get the most affordable health coverage available that best fits your needs, you must analyze all your options and weigh plans’ provider networks and their benefits versus their premiums and out-of-pocket costs.

To help our members more easily find the Medicare plans that are the best for their budget and health, PAR has teamed up with Ritter Insurance Marketing. Based in Harrisburg, Ritter specializes in the senior health insurance market. They have knowledgeable, licensed agents who are ready to assist you in comparing your options and narrowing down the right plan.