| Medicare has Many Parts |
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Part A
If you qualify for Medicare and you are age 65, you are eligible for Part A. You must enroll in Part A at least 3 months prior to your 65th birthday.
Part B
Part B is optional until you are no longer working and have no access to a employer sponsored health plan. It primarily covers your office visits, outpatient hospital care and more. The monthly premium that changes from year to year is relatively low. There is a penalty if you do not enroll in Part B when you stop working or lose your medical plan. The penalty is equal to 10% of the monthly rate.
Part C
Part C is also optional. C is typically referred to as Medicare Advantage which provides health plan options like an HMO. These plans cover ALL Medicare Part A and Part B benefits. Medicare Advantage may also offer additional benefits such as vision, hearing, dental and wellness programs. You are eligible to enroll in a Medicare Advantage plan if you are entitled to Part A and enrolled in Part B and live in the Medicare Advantage Plan's service area.
Part D
This prescription offering is also an option. Medicare offers prescription drug coverage through private companies. There are two ways to get Medicare Part D coverage: 1. Stand alone Prescription Drug plans and 2. Medicare Advantage Part D.
Another consideration at age 65 is if you are still actively working and covered on a Qualified High Deductible Health plan with a Health Savings Account (HSA) and enrolled in Medicare Part A or applied for Social Security benefits, you can no longer be eligible to contribute to the HSA. You still may remain enrolled in the health plan. |
