STEP 1Decide how you want to get your coverage
PART AHOSPITAL INSURANCE
PART BMEDICAL INSURANCE
- Hospital stays
- Skilled nursing facility
- Hospice care
- Some home health care
- Medical service
- Outpatient care
- Medical items
Beneficiary Pays: about 20% of approved charges
Part B is optional because you have to pay a monthly premium and satisfy a deductible before Medicare will pay benefits.
STEP 2Decide if you need to add drug coverage
PART DPRESCRIPTION DRUG COVERAGE
- Help lower prescription drug cost
- All plans must offer at least a standard level of coverage set by Medicare
- Some Medicare Advantage plans offer built-in prescription drug coverage
STEP 3Decide if you need to add supplemental coverage
MEDICARE SUPPLEMENT INSURANCE
- Helps pay costs (copays, coinsurance and deductibles) that Original Medicare doesn’t cover
- Only works with Original Medicare
- Medicare Supplement insurance cannot be used with Medicare Advantage plans, but can be used with Prescription Drug plans
WHEN CAN YOU APPLY?
The best time to buy a Medicare Supplement policy is during your Open Enrollment Period. This period lasts for 6 months and begins on the first day of the month in which you’re both 65 or older and enrolled in Medicare Part B. Some states have additional Open Enrollment Periods. You can apply for a Medicare Supplement policy throughout the year.* Unlike Original Medicare and Medicare Advantage Plans which have a designated enrollment period each year, Medicare Supplement Insurance can be purchased at any time.