Medicare Cliff Notes

The four parts to Medicare:

1. Part A = Hospital Insurance
   1. Patient Care in Hospitals
   2. Skilled Nursing Facility
   3. Hospice Care
   4. Home Health Care
2. Part B = Medical Insurance
   1. Doctor and other health care provide services
   2. Outpatient Care
   3. Durable Medical Equipment
   4. Home Health Care
   5. Preventative Services
3. Part C = Medicare Advantage Plans
   1. Includes Part A & Part B Services
   2. Includes Prescriptions
4. Part D = Prescription Drug Plans
   1. All plans must cover prescription drugs that people with Medicare take.
   2. A plan’s list of covered drugs is known as a formulary, and each plan has its own formulary.
   3. Insurance Companies place drugs into various levels, called tiers, on their formularies. A plan's formulary might have three, four or even five tiers. Each plan decides which drugs on its formulary go into which tiers.
   4. Drugs in each tier have a different cost.
   5. A drug in a lower tier will cost less than a drug in a higher tier.

What are your options?

• Original Medicare
• Medicare Advantage Plans
• Medicare Supplement Plans & Prescription Drug Plans

When can I sign up for Medicare?

You are eligible at age 65, your initial enrollment period begins three months before your 65th birthday, includes the month you turn age 65, and ends three months after that birthday. If you are under 65 years old, you also qualify if you have certain disabilities and/or End Stage Renal Disease.

How do I sign up for Medicare?

The first step is to contact Social Security and get your Medicare card. Their phone number is 800-772-1213. Once you receive your Medicare card you can sign up for either a Medicare Advantage or a Medicare Supplement plan.

What will happen if I do not sign up for Part B right away?

If you choose not to enroll in Medicare Part B and then do so later, your coverage could be delayed. You will also pay a higher monthly premium for as long as you have Part B.

If you do not enroll in Medicare Part B during your initial enrollment period, you have another chance each year to sign up during a “general enrollment period” from January 1 through March 31. Your coverage would begin on July 1 of the year you enroll.

Is there a Late Enrollment Penalty?

Yes. It is highly recommended that you obtain a Part D Prescription Drug Plan when you are first eligible and maintain a Part D Prescription Drug Plan without a gap in coverage to avoid a Late Enrollment Penalty by Medicare.

Being that Medicare is confusing allow me to help you figure it out and answer the tough questions like:

• What do today’s Medicare benefits and limitations mean to my future financial security?
• Which policy best fits my own personal insurance needs?
• What will the differences in my healthcare be if I choose a Medicare Supplement Plan over a Medicare Advantage Plan?

Keep In mind that everyone has unique needs, this is not the time to ask your friend or neighbors what they have and do the same thing. Your goals and insurance needs are different than theirs.

It doesn’t matter if you are just updating your current coverage to meet your ever-changing needs, looking to save money or looking at no-cost healthcare explore your options by calling 833-355-4624 or visit www.elliotglassinsurance.com today.