New to Medicare
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Medicare is the largest insurer in the United States. According to most professionals, there are almost 98,000,000 people enrolled in Medicare and Medicaid in 2019. That number will increase. A little over 1/3 of those are in a Medicare Advantage plan.
Medicare has parts which have been given letters:
Part A _ Hospital Coverage
Part B - Outpatient Services
Part D - Private Insurance Coverage for medications.
Part C - A private insurance that covers everything Medicare covers (sometimes more) and may or may not include Part D.
The key points to Medicare are:
You (usually) must be 65 or older to enroll in Medicare.
You have a yearly enrollment period to change plans known as AEP. This runs from October 15th to December 7th each year. (Other times may be available for your specific situation).
While every one gets Part A of Medicare, or hospital coverage, you must enroll in Part B when it is your time to do so.
If you delay enrolling in Part B beyond the time set for you, there is late penalty that you will pay Medicare for the rest of your life.
Delayed enrollment in Part D, while more complex in figuring out when you need to enroll, also causes a lifetime penalty.