Medicare Advantage (Part C)

Medicare Part D

Medicare Part D is a prescription drug insurance program overseen by private insurance companies under federal regulations. Put simply, it functions as insurance for your prescription medication requirements. You have the choice to enroll in a standalone Part D plan to supplement your Part A and Part B benefits. Alternatively, you can select a Medicare Advantage (Part C) plan, which consolidates Parts A, B, and D.

To obtain a Part D plan, you can procure it from a private insurance company. This plan provides access to the company’s pharmacy network, and you will usually make co-payments for your prescriptions.

Enrolling in Medicare for the First Time

Beneficiaries of Original Medicare (Part A and Part B) are still accountable for co-payments, deductibles, and coinsurance. Medicare Supplement Insurance, also referred to as Medigap policies, steps in to help cover some of the costs that Original Medicare does not. Without adequate coverage, frequent hospital or doctor visits can result in significant expenses.

 Medicare Supplement plans address expenses that fall outside the scope of Original Medicare coverage. For example, a Medigap plan could help offset a 20% coinsurance bill related to a doctor visit. All Medicare Supplemental insurance plans are required to cover standard services, and certain plans may provide additional benefits.

Enrolling in Medicare for the First Time

It’s referred to as your Initial Enrollment Period, covering the month of your 65th birthday, the three months before, and the three months after your birthday month. If your birthday falls on the first of the month, the period extends to the month of your 65th birthday, the four months before, and the two months after your birthday month.

Understanding that life events can affect timing, both you and Medicare are aware. In case you miss the opportunity to enroll during your Initial Enrollment Period, there’s a General Enrollment Period from January 1 to March 31, allowing for enrollment with coverage starting on July 1.