Medicare Insurance

Approaching 65? Medicare is a federal health insurance program primarily designed for people aged 65 and older, although certain younger individuals with disabilities or specific diseases like End-Stage Renal Disease (ESRD) or Amyotrophic Lateral Sclerosis (ALS) may also qualify. When you turn 65, you become eligible for Medicare if you either receive or qualify for Social Security retirement benefits or Railroad Retirement benefits, or if you are a U.S. citizen or a permanent resident living in the U.S. continuously for at least five years. Enrollment in Medicare can be automatic if you are already receiving Social Security benefits before turning 65; otherwise, you need to actively sign up during your Initial Enrollment Period, which begins three months before your 65th birthday and lasts for seven months in total. Missing this window can result in penalties. Medicare coverage officially starts the month you turn 65, or in some cases, the month before if your birthday is on the first day of the month.

Medicare is divided into four parts, each covering different aspects of healthcare. Part A covers hospital insurance, including inpatient hospital stays, skilled nursing facilities, hospice, and some home health care. Part B provides medical insurance for doctor visits, outpatient care, preventive services, and medical equipment. Together, Parts A and B are known as "Original Medicare." Part C, or Medicare Advantage, is an alternative offered by private companies that bundle Parts A and B and often include additional benefits. Part D covers prescription drugs. While Medicare helps with many healthcare costs, it is not free; Part A is usually premium-free if you or your spouse paid Medicare taxes for a sufficient period, but Part B requires a monthly premium. There are programs to help with costs for those who qualify, such as Medicare Savings Programs and Extra Help for prescription drugs.