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Category: Medicare

Test Your Medicare Knowledge

Learn about Medicare Health Insurance Before you Enroll

Medicare can be complex, so it’s important to learn as much as you can as you begin thinking about enrolling in Medicare health insurance. This quiz can help you see how much you know about Medicare and determine what areas you need to research more.

Q: What does Original Medicare cover?

A: Original Medicare covers Part A (hospital insurance) and Part B (medical insurance). However, it only covers 80 percent of your medical bills. You are left to pay for the remaining 20 percent with no limit to your out-of-pocket costs. In addition, Original Medicare does not cover Part D (prescription drugs). That’s why many who are eligible for Medicare choose an alternative form of coverage.

Q: What options do I have for receiving Medicare?

A: There are three common options when choosing a Medicare plan. Each option has pros and cons, and the best choice for you depends on your situation.

Option 1: Add a Part D Prescription Plan to Original Medicare

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Option 2: Add a Part D Prescription Plan and a Supplement to Original Medicare

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Option 3: Join a Medicare Advantage Plan (also known as Part C)

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Q: How much will I pay each month for Medicare?

A: It depends on the plan you choose. Here are some average estimates.

Option 1: Add a Part D Prescription Plan to Original Medicare

Part A                          $0

Part B Premium          $134

Part D Premium          $57

Total                            $191

 

Option 2: Add a Part D Prescription Plan and a Supplement to Original Medicare

Part A                          $0

Part B Premium          $134

Part D Premium          $57

Supplement Premium $183

Total                            $374

 

Option 3: Join a Medicare Advantage Plan (also known as Part C)

Part A                          $0

Part B Premium          $134

Part D Premium          $0

Dental                          $0

Vision                          $0  

Total                            $134

 

Q: When can I enroll in Medicare?

A: Medicare has different enrollment periods, depending on your specific circumstances and the type of plan you choose. Eligibility requirements differ for each of these periods.seven-month.png

The Initial Enrollment Period is the seven-month window when you first become eligible for Medicare. It starts three months before your 65th birthday and is open up to three months after you turn 65.

The General Enrollment Period is January 1-March 31, if you happen to miss your seven-month Initial Enrollment Period.

The Special Enrollment Period is for specific circumstances. For example, if you or your spouse is currently 65, and one of you has health insurance through an employer or union, you will have an eight-month Special Enrollment Period that starts when your group health insurance based on employment ends.

The Annual Enrollment Period runs from October 15-December 7 each year. This is when you can switch from your current Medicare plan to a different plan.

The Medicare Advantage Disenrollment Period runs from January 1-February 14 if you are enrolled in a Medicare Advantage plan. During this time, you can switch to Original Medicare and join a Medicare Part D Prescription Drug Plan. 

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