Options to choose from:
Part C Part C is also called
Part D Part D is prescription drug coverage for Medicare beneficiaries. You can enroll in a stand-alone prescription drug plan (PDP), or you can enroll in a Part C plan that includes Part D (MAPD) sometimes as low as $0 monthly premium.
Medigap Medigap, also called
Medicare Advantage. Part C combines Part A, Part B and often Part D into one easy-to-use health plan. Part C plans offer affordable premiums, sometimes as low as $0.
Medicare Supplement, is a way to “fill the gaps” left by original Medicare. For example, Part B pays for 80% of covered doctor visits. Depending on which Medigap plan you choose, your plan may cover some or all of the remaining 20%.
Do I need Medicare when I'm first eligible? It depends on your employment. Which category do you fall into?
I’m turning 65 and still working. My employer has 20 or more employees. You have options. You can: 1. Remain enrolled in your group health plan (GHP) as primary insurance and delay Medicare enrollment, 2. Remain in your GHP and enroll in Medicare as secondary coverage; 3. Drop your GHP and choose Medicare as primary coverage.
Ask your adviser to compare your GHP benefits to Medicare, to determine if you should delay or enroll in Medicare when first eligible.
I’m turning 65 and still working. My employer has fewer than 20 employees. Your Medicare coverage is primary, your GHP secondary. You need to enroll in Medicare when first eligible. If you do not, you may incur large medical bills. Depending on your needs, it may or may not be beneficial to remain enrolled in your GHP as secondary coverage. Ask your adviser to review. I’m turning 65, and I’m already retired or planning to retire. You most likely need to enroll in Medicare as soon as you are eligible. For most retirees, Medicare is a must. Delaying Part B and Part D enrollment after employer group coverage ends can incur lifelong monetary penalties.
If you think you have a group retiree option through your employer or through veterans’ benefits, discuss with your adviser to see what’s best for you.
5
EMPLOYEE BENEFITS
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