Photo by Mackinley “Spex” Madhere
Today, let’s talk about Original Medicare and Medicare Advantage
What is Medicare and who is eligible for it?
Medicare is a federal health insurance program designed primarily for people aged 65 or older. Besides the age requirement, Medicare has other eligibility criteria:
· You or your spouse must have worked and paid Medicare taxes for at least 10 years or 40 quarters
· You must be a Green Card holder, TPS recipient, or U.S. citizen
· You must have lived in the U.S. for at least five consecutive years
Younger people with certain disabilities and those diagnosed with kidney failure or Lou Gehrig’s disease might be eligible for Medicare regardless of age, even if they don’t fulfill the 40-quarter requirement.
Servicing the community since 2013
When should you sign up for Medicare?
In general, you should start the process 3 months before you turn 65 to avoid a late enrollment penalty. Your initial enrollment window for Medicare spans seven months, beginning three months before the month of your 65th birthday and ending three months after that month. If you don’t sign up – especially for Medicare part B – when you’re first eligible, you might incur a penalty of 10% for each 12-month period you could have applied but didn’t.
If you’re 65 or older and have Obamacare, you still won’t avoid the late enrollment penalty. But if you or your spouse have health insurance coverage through either of your employers, you might be able to delay your enrollment in Medicare without incurring a penalty.
What is Medicare Advantage?
Medicare Advantage consists of private companies contracted with the federal government to provide you with health insurance coverage.
Every month, the federal government pays the health insurance companies for your coverage. Most Medicare Advantage plans have no monthly premium, no co-insurance, and no deductible.
Medicare Advantage or Medicare Part C offers some extra benefits that aren’t in Original Medicare (like vision, dental, fitness programs, free monthly over-the-counter items, Healthy Foods Card for monthly shopping, and free transportation to medical appointments). The 20% coinsurance you had with Original Medicare goes away.
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We’re associated with some of the greatest companies in the U.S., and we know the Medicare system inside out!
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