Medicare & You Handbook.
This is the OFFICIAL U.S. GOVERNMENT HANDBOOK for MEDICARE.
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Annual Election Period (AEP)
October 15th - December 7th
What is Original Medicare?
Do You need to Upgrade your Medicare Insurance?
Medicare is the federal health insurance program for people who are 65 or older, certain younger people with disabilities, and people with End-Stage Renal Disease (permanent kidney failure requiring dialysis or a transplant, sometimes called ESRD).
Original Medicare has (2) Parts - Medicare Part A & B
Medicare Part A = Hospital Insurance - Inpatient Hospital Stays, etc.
Medicare Part B = Medical Insurance - Oupatient Services; i.e. Doctor Visits, etc.
You generally pay a set amount for your health care (deductible) before Medicare pays its share. Then, Medicare pays its share, and you pay your share (coinsurance/copayment) for covered services and supplies. There's no yearly limit for what you pay out-of-pocket.
You usually pay a Monthly Premium for Part B. For most in 2022 you pay $170.10/mo.
You generally don't need to file Medicare claims. The law requires providers and suppliers to file your claims for the covered services and supplies you get. Providers include doctors, hospitals, skilled nursing facilities, and home health agencies.
A newer option is Medicare Advantage, or Part C coverage. This is a plan that combines Parts A and B to provide a comprehensive package. One of its main benefits is that it streamlines things so that you don't have to remember which insurance covers what.
If all of this seems confusing, there's no need to worry. A Medicare insurance advisor can talk to you to learn your individual needs, and then suggest the best plan for you. Your advisor can also help you make changes as needed to keep up with changes in your life. For example, many people are fine with starting out with the most basic form of Medicare, but as they get older, it can be worth it to add the prescription benefit. Your Medicare insurance advisor can let you know when this is a good idea.