Are you a senior who wants to enroll with Medicare? Keep reading to learn more about Medicare options and what your coverage includes. 

Medicare is a federal health insurance program for anyone 65 and older. Open enrollment for Medicare starts in October, so it's essential to understand your options. If you fail to enroll during the required time period, you could face financial penalties or go without coverage. Here are some important things you need to know about navigating the Medicare process. 

Who Is Eligible For Medicare?

The majority of people become eligible for Medicare three months before their 65th birthday; however, if you have a disability, ALS, or End-Stage Renal Disease (ESRD), you might become eligible earlier. 

Once you become eligible, Medicare automatically becomes your primary insurer, and any other insurance you have is classed as secondary insurance. This is important to note, as after Medicare becomes your primary insurance, you can't count on your other insurance plans to pay for hospital or physician bills. 

What are the Different Parts of Medicare?

Medicare has four separate parts. Each Medicare part covers a different health care cost.

• Medicare Part A covers inpatient hospital care or care received in a skilled nursing facility, hospice, or palliative care.
• Medicare Part B covers outpatient care, medically necessary doctor's services, and durable medical equipment. It also covers some preventive care such as clinical tests, X-rays, mental health care, and ambulance services. Medicare Part B coverage requires a monthly premium.
• Medicare Part C covers Medicare Advantage Plans — private plans with government-contracted health insurance companies. Medicare Advantage Plans cover a range of things, such as hospital and medical insurance coverage, vision, hearing, and dental coverage. 
• Medicare Part D is an optional plan that covers the cost of medication, including vaccines.

What's the Difference Between Original Medicare vs. Medicare Advantage Plan?

Your personal circumstances will dictate the type of Medicare you need. It's important to weigh up the pros and cons of each plan to determine the best choice for your needs. 

Here are some important things to consider when choosing between Original Medicare and a Medicare Advantage Plan:

Original Medicare Plan factors to consider:

• The option to see any doctor of your choice (as long as that doctor participates in the original Medicare program). 
• Original Medicare may have higher out-of-pocket costs.
• Original Medicare offers a choice of drug plans.

Medicare Advantage Plan factors to consider:

• There are restrictions on the doctor you can visit
• Medicare Advantage Plan may have fewer out-of-pocket expenses.
• Medicare Advantage Plan may give you access to hearing and vision benefits.
• Some drug coverage is included in certain Medicare Advantage Plans.

When Should You Apply For Your Medicare Plan?

You should aim to apply for Medicare as soon as you become eligible. The initial enrollment period starts three months before your 65th birthday and ends four months after your 65th birthday. 

Applying for Medicare can be a lengthy process; therefore, you should start researching your options as soon as possible. Anyone eligible person can sign up for Medicare during the general enrollment period, which runs from January 1 through March 31. If you sign up during the general enrollment, you can rest assured that you will be eligible for coverage the following July. An Annual Election Period (AEP) runs from October 15 to December 7 each year. During this period, you can change to a different Medicare plan if you need to. 

If you do not apply for Medicare within the required time period, you may face late penalties. For example, if you do not enroll within the enrollment period for Medicare Part A, your monthly premium could go up 10% for double the number of years you do not have without coverage. If you do not enroll for Part B in time, you will also face penalties. This includes being charged a 10% penalty for every 12 months your enrollment is delayed. 

Under certain circumstances, it may be possible to delay your Medicare enrollment and enroll at a later date during the Special Enrollment Period (SEP).

Regardless of the Medicare plan you choose, it's crucial to research your options and make an informed choice. Researching your options ahead of time can help you avoid stressful penalties and going without coverage. 

There are several different options to choose from that cover a variety of medical needs. Be sure to weigh up the pros and cons of each plan to determine the best coverage for you!