Retirement is one life’s big changes. And, as a new retiree, there’s a lot to look forward to. But retirement can also be a very stressful and confusing time – you’ll be leaving your job and therefore losing your health insurance.
How do you get signed up for Medicare benefits? How do you ensure that you still have access to health care when your job’s insurance coverage ends? The good news is that navigating Medicare enrollment doesn’t have to be confusing. Reliable Consulting Group is your trusted advisor and can help you understand the different parts of Medicare:
- Original Medicare
- Medicare Part A
- Medicare Part B
- Medicare Part D drug coverage
- Medicare Supplement Insurance
- Medicare Advantage Plan/Medicare Part C
Understanding the Different Parts of Medicare
Medicare is composed of several different parts.
Medicare Part A coverage is for hospital care and services. Medicare Part B coverage can be obtained for a monthly premium and focuses on doctor visits, medical equipment, and other services. The Medicare Part D plan is an optional prescription drug plan, but you could incur a late enrollment penalty if you don’t sign up when you sign up for Medicare Parts A and B.
Even with Medicare coverage, there is no limit to your yearly out of pocket. That’s why many choose a Medicare Advantage Plan, known as “Part C.” These plans are available through private insurance companies, and they typically also have prescription drug coverage included. You can sign up for these plans when you first become eligible for Medicare or during the annual Open Enrollment Period running October 15th through December 7th.
There is also Medicare Supplement Insurance, sometimes referred to as Medigap. These plans are also offered by private companies, and plan coverage varies. Medigap covers Medicare costs that are left up to the patient (ex. coinsurance and deductibles), but can also pay for some services not covered by Medicare.