Medicare 101, in plain English.
Medicare has four parts. Here is what each one covers, and when you should pay attention.
Inpatient hospital stays, skilled nursing, hospice. Most people pay no premium.
Doctor visits, outpatient care, preventive services. Standard monthly premium set by CMS.
Bundles A and B through a private carrier and often adds extras like dental or vision.
Standalone drug coverage. Late enrollment can carry a lifelong penalty.
When to pay attention
Your Initial Enrollment Period is a seven-month window: the three months before your 65th birthday month, the birthday month, and the three months after.
The Annual Enrollment Period runs October 15 to December 7 each year. That is when you can change your Medicare Advantage or Part D plan for the following year.
Prefer to talk it through? Talk to a licensed agent.