Frequently Asked Questions
When am I eligible for Medicare?
- You are eligible for Medicare when you are age 65+, or you have been disabled for 24 months.
When should I sign up for Medicare Parts A & B?
- Initial Enrollment: You can sign up for Medicare A & B, or A only in the 7-month period beginning 3 months before and extending to 3 months after your 65th birthday month.
- Retirement: You can postpone enrollment if you (or your spouse) are employed, have group healthcare coverage, and your employer has more than 20 full-time employees. The Special Enrollment Period extends up to 8 months after leaving employment or losing coverage (whichever comes first).
- Timing is important: There are monthly premium penalties for late enrollment in Part B & Part D plans. These are permanent.
What does Original Medicare (Parts A & B) cost?
- Part A (hospital) has no premium.
- Part B (doctors and outpatient services) has a monthly premium of $164.90/month for most people in 2023. People with a modified adjusted gross incomes above $97,000 (single) or $194,000 (joint) pay higher premiums.
- You will usually pay premiums if you enroll in a Medicare Advantage, Medigap, or prescription drug plan. Your plan may have out-of-pocket costs such as deductibles, copayments, and coinsurance. Actual costs depend upon the specific plan selected and services and medications used.
When can I sign up for Parts C & D?
- After you sign up for Parts A and B you can enroll in a free-standing Rx drug plan (Part D) or a Medicare Advantage Plan (Part C). In most cases Medicare Advantage plans include Rx Drug coverage.
I want to limit my out-of-pocket costs. What are my options?
- Enroll in a Medicare Supplement plan + Part D Rx drug plan.
- Enroll in a Part C Medicare Advantage plan that includes coverage for hospital care, doctors and outpatient services, and Rx drugs.