Medicare may seem confusing, but with a few key insights, you can navigate it with confidence. This session offered five practical tips to help you understand what Medicare is, when to enroll, and how to decide between different plans.

Key Takeaways and Next Steps:

Understand Medicare Parts:

Medicare is made up of Part A (hospitalization), Part B (medical services), Part C (Medicare Advantage), and Part D (prescription drugs). Original Medicare includes Parts A and B, while Parts C and D are administered by private insurers.

Know Your Enrollment Periods:

Enroll during your Initial Enrollment Period (around your 65th birthday) or through a Special Enrollment Period if you continue working past 65 and have employer coverage. Missing these can result in late penalties.

Compare Medicare Plans:

Original Medicare comes with out-of-pocket costs and no cap on expenses. Medicare Supplement plans can cover these costs, but you’ll have three separate cards. Medicare Advantage bundles everything into one plan, including an out-of-pocket maximum.

Consider Your Medical Costs:

Decide whether you prefer to pay upfront (Medicare Supplement) or as you go (Medicare Advantage). This will depend on your ability to predict and manage medical expenses.

Seek Help When Needed:

Reach out to unbiased resources like state health insurance programs, Medicare.gov, or trusted advisors who work with multiple companies for the best plan tailored to you.

And remember:

Consult with Medicare experts or a healthcare professional to ensure your choices align with your needs.