Most of us need to understand Medicare sooner or later, whether to enroll ourselves or to help a loved one.
Take a look at these frequently asked questions if you’re trying to learn more about the basics of Medicare this year.
Who is eligible (and when)?
You are eligible to enroll in Medicare three months before you turn 65. Specifically, your initial enrollment period is 3 months before you turn 65, the month you turn 65, and 3 months after you turn 65. This is when most people sign up for Part A (Hospital Insurance) and Part B (Medical Insurance) if they don't have employer coverage.
What does Part A cover?
Part A, which is free for most people, covers hospital stays, skilled nursing facility stays, nursing home care, hospice care and home health care. In 2022, you’ll pay a deductible of $1,556 per benefit period. Medicare then covers all your remaining costs for 60 days and part of your costs after that.
What does Part B cover?
Part B covers services and supplies to prevent, diagnose and treat medical conditions. The base monthly premium for 2022 is $170.10; you may pay more based on your income.
The annual deductible is $233 this year. After that, you’ll usually pay 20% for services and supplies. Most preventive services are free through providers who accept Medicare.
What other coverage do I need?
For prescription drug coverage, enroll in a Medicare drug plan, Medicare Advantage Plan or other Medicare health plan with drug coverage.
How do I enroll?
If you’re already receiving Social Security benefits when you turn 65, the government will enroll you in Medicare Part A, as well as Part B if you selected it when you filed for benefits. In other scenarios, you may need to apply proactively. Reach out if you'd like some assistance.
Do you have questions about your current coverage or your future needs? Get in touch today.