MEDICARE 101

Understanding Medicare

Learn the Basics of Medicare coverage and why it matters to you

Part C

Medicare Advantage

Learn about original Medicare alternative plans

Part A

Hospital Insurance

Learn about original Medicare hospital coverage

Part D

Prescription Drug

Learn about prescription drug coverage offered by Medicare

Part B

Doctors

Learn about original Medicare outpatient, preventative coverage

Medigap

Medicare Supplement Plans

Learn about Medicare Supplement plans that help you with out-of-pocket expenses and enhanced coverage

Medicare Insurance is available to United States Citizens and legal residents who have lived in the United States for at least 5 years in a row. 

 

Understanding Medicare

Understanding Medicare can seem overwhelming and confusing, it doesn't have to feel that way. Our advisors at Transitions Retiree Benefit Group are here to help you with learning the parts of Medicare and how they interact. 

You have worked your entire life planning for the day, you don't have to work any longer. The largest expense post retirement is your cost of healthcare and medical expenses. We are here to help you understand what your needs are and how to apply that to which medical plans will meet those needs. This is your story, we are simply here to help you navigate different decision points and educate you on your choices.

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Eligibility

Eligibility for Medicare occurs when you are 65 years old. This is the typical enrollment point into Medicare; however, there are times that you don't have to be 65 to enroll:

  • Disability (elegibility begins after 24 months of receiving Social Security disability benefits)

  • Medical Conditions (End-stage renal disease (ESRD) or amyotrophic lateral sclerosis (ALS) include different rules for enrollment

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Enrollment

There are specific enrollment periods that will determine the opportunity for your enrollment into Part A and Part B. They are standard in nature but impact people and their decision making individually. One factor of enrollment will be if you began drawing Social Security prior to your 65th birthday. Other enrollment periods are:

  • IEP (Initial Enrollment Period)

  • SEP (Special Enrollment Period)

  • GEP (General Enrollment Period)

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Costs

There are costs associated with Medicare and those costs can vary. The two main parts are Part A and Part B. You have earned Part A after working 40 quarters and Part B has an additional cost involved. The other moving parts of Medicare also have costs involved and depending on your budget and needs those costs can be navigated and options discussed. If you are considered a high income earner, there may be additional costs that you will be accountable for.