Smiling loving couple is sitting in wicker swings in countryside and holding hands of each other

What Does Medicare Cover?

Medicare has individual policies devoted to specific types of healthcare costs. This is divided into four Parts - Part A, B, C, and D. You can have one or all of them, but it is ideal to get inpatient, outpatient, and drug coverage so you can avoid late enrollment fees.

Medicare has individual policies devoted to specific types of healthcare costs. This is divided into four Parts - Part A, B, C, and D. You can have one or all of them, but it is ideal to get inpatient, outpatient, and drug coverage so you can avoid late enrollment fees.

Medicare Part A covers inpatient stays, such as time spent in a hospital, skilled nursing facility, or hospice. This includes your room and board, plus surgeries and other related treatments administered to you.

Medicare Part B covers medical services that take place in the outpatient setting - these include (but are not limited to) preventive screenings, flu shots, durable medical equipment, X-rays, and lab work.

Part C, more commonly known as Medicare Advantage, is a combination of Medicare’s other features, enabling policyholders to have all types of coverage under one plan. Medicare Advantage comes in many forms, each with its own payment structure, level of coverage, and eligibility requirements.

Part D is Medicare’s prescription drug plan. This has the most variables with regards to the specific medications covered and how much the plans cost.

Who Can Get It?

If you’re 65 or older, you can get Medicare.

Some individuals do not have to wait until they’re 65, though. If you have been on disability for 24 months, you can get Medicare even if you’re younger than 65.

How Does Enrollment Work?

Enrollment is limited to certain times of the year. The only instance where you will not have to do anything is if your enrollment is automatic. This is reserved for those already receiving Social Security, Railroad Retirement Board, or disability benefits from  the federal government. If you qualify for automatic enrollment, then you will be enrolled three months before your 65th birthday. If you have been receiving disability benefits, you will be enrolled after 24 months of getting those benefits.

These are the enrollment periods and what you can do in them:

• Initial Enrollment (three months before to three months after your 65th birthday month) - Join Medicare with the possibility of getting Part A premium-free

• General Enrollment (January 1 - March 31) - Join Medicare if you did not do so when you were first eligible

• Annual Election (October 15 - December 7) - Join Medicare Advantage and/or a Medicare drug plan (if you are already enrolled in Medicare), drop your Medicare plan, or switch from one Medicare Advantage plan to another

• Medicare Advantage Open Enrollment (January 1 - March 31) - Switch Medicare Advantage plans, or drop Medicare Advantage to rejoin Original Medicare and/or a prescription drug plan

Get Started Today!

With Medicare, it’s never too soon to make the first steps toward getting your policy. At Cashmore Financial Group, we can help you through the enrollment process.

Call us today at 847-231-6150 or email us at randy@cashmorefinancial.com to find out more information on how we can help you!

How can we help you?