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Summary On Understanding Medicare

January 9th, 2024

Who is eligible?

  • Individuals 65 or older
  • Individuals receiving social security disability benefits for 24 months
  • Kidney failure

Four types of medical coverage:

  • Part A – Hospital coverage (cost is free for eligible individuals)
  • Part B – Supplemental medical (cost starts at $174.70 a month for 2024)
  • Part D – Prescription drug (purchase through private insurance)
  • Medicare Advantage Plans

Enrollment:

  • Part A & B – automatically enrolled if already receiving social security or railroad retirement.
  • If not receiving social security or railroad retirement yet, then you must apply 3 months prior to turning 65 years old.
  • Call 1-800-772-1213 or ssa.gov
  • Part D – Before signing up for a specific drug plan go to medicare.gov, and click on Health & Drug Plans menu, Find health & drug plans. Put in your medications to see which plan works best for you.  You can change this every year.

Supplemental Coverage with Medicare:

  • Private Medigap insurance – see different plans on medicare.gov, Health & Drug Plan menu item, click on Find a Medicare Supplement Insurance (Medigap) policy.
  • Retirement plan insurance
  • Medicare Advantage Care Plans
  • TRICARE for Life – retired military and dependents

Important Resources:

  • Medicare: 1-800-633-4227
  • medicare.gov
  • Senior Health Insurance Information Program (SHIP) – help with Medicare & Medigap: 866-552-4464
  • Social Security Admin: 1-800-772-1213
  • ssa.gov

 

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