Medicare consists of four basic parts: Part A, Part B, Part C, and Part D. Generally, the different parts of Medicare help cover specific services. Depending on your situation, you can get Medicare coverage through a combination of these parts. Our advisors can help determine the combination of these four parts that is right for you. Call us at 937.915.3563 or schedule a call.
Medicare Part A covers hospital-related services, such as:
You usually don't pay a monthly premium for Medicare Part A coverage if you or your spouse paid Medicare taxes while working for at least 10 years (or 40 quarters). If someone doesn't qualify for Part A premium-free, the monthly Part A premium is $278 or $505 in 2024, depending on how long taxes have been paid.
Information about costs for 2024 have just been announced. Read more here.
$1,632 deductible for each benefit period
Days 1-60: $0 coinsurance for each benefit period
Days 61-90: $408 coinsurance per day of each benefit period
Days 91 and beyond: $816 coinsurance per each "lifetime reserve day" after day 90 for each benefit period (up to 60 days over lifetime)
$0 copay for skilled nursing care days 1-20
$204 coinsurance per day for skilled nursing care days 21-100
Beyond lifetime reserve days: all costs
Individuals must be a U.S. citizen or permanent legal resident for at least five consecutive years. You must also meet at least one of the following criteria for Medicare eligibility:
Parts A and B are considered "Original Medicare." Medicare Part A covers inpatient care: hospitalizations, skilled nursing care, hospice, and home health care. The other part of Original Medicare is Medicare Part B, sometimes referred to as “medical insurance” and generally covers two types of medical services. First, it covers medically necessary health services and supplies, like outpatient hospital and doctor visits, tests, wheelchairs, walkers, etc. Second, Part B covers preventive services like screenings, annual wellness exams, etc.
Many individuals decide to enroll in a Medicare Part C (Medicare Advantage) or Medicare Supplement (Medigap) plan to provide extra benefits and fill in the gaps that are not covered by Original Medicare.
If you are not automatically enrolled in Medicare, you can sign up for Part A and/or Part B via the online Medicare application, by calling Social Security at 800.772.1213, or by visiting your local Social Security office. If you are coming off employer coverage, you will want to be sure your Medicare effective date aligns with the end of your other insurance coverage. Learn how to apply for Medicare Part A here.
No. However, if you don’t enroll in Medicare Part A when you are first eligible, you may be subject to late enrollment penalties. Your monthly premium can increase as much as 10 percent, which applies for twice the number of years you could have had Part A but didn’t enroll. For example, if you didn’t sign up for Medicare Part A for two years after you were eligible, your premium would be 10 percent higher for four years. Then, your premium would go back down to the standard monthly rate.
Potentially. If you’re eligible for Medicare, you are required to have creditable coverage or else you will be subject to a late enrollment penalty. Creditable coverage is any health coverage that is comparable to or better than what is available through Medicare. If you are on an employer group health insurance plan, check with your HR department to find out if your coverage is creditable.
Most people can apply for Medicare three months before their 65th birthday month. Signing up is different if someone has a disability or receives Social Security.
When you're first eligible for Medicare, you have a 7-month Initial Enrollment Period. If you are eligible for Medicare when you turn 65, you can sign up during the 7-month period that begins three months before the month you turn 65, includes the month you turn 65, and ends three months after you turn 65. We recommend contacting one of our expert advisors for Medicare advice approximately six months before you turn 65. Learn more about working past 65 and Medicare.
Medicare Part A plays an important role in your health coverage, but navigating its complexities can be challenging. This guide aims to simplify the process based on your age and situation.
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Your Working Past 65 Medicare Checklist
Retirement is not a requirement for enjoying the benefits of Medicare. Many individuals aged 65 and older are delaying retirement and staying in the workforce. If you’re working past age 65, you can sign up for Medicare regardless of your current employment status.
We make it easy to enroll in Medicare without retiring. Our advisors provide personalized guidance to help you choose the health plan that is right for you.
If you have questions about your plan options or deferring Medicare Part A, contact our team of advisors in Dayton and Cincinnati.
Email us at advice@retiremed.com, call us at 937.915.3563, or schedule an appointment to speak with an advisor.
Medicare can be complicated but we’re here to help. Let’s get started with the basics.