Medicare Options

When you first enroll in Medicare and during certain times of the year, you can choose how you get your Medicare coverage. Below are the 2 main ways to get Medicare:

Option 1

Original Medicare

  • Original Medicare includes Medicare Part A(Hospital Insurance) and Part B (Medical Insurance).
  • If you want drug coverage, you can join a separate Part D plan.
  • To help pay your out-of-pocket costs in Original Medicare (like your deductible and 20% coinsurance), you can also shop for and buy supplemental coverage.

Includes:

  • Part A
  • Part B

You Can Add:

  • Part D (Prescription Coverage)

You Can Also Add:

  • Supplemental Coverage
Some examples include coverage from a Medicare Supplement Insurance (Medigap) policy, or coverage from a former employer or union. 

Option 2

Medicare Advantage (Part C)

  • Medicare Advantage is an "all in one" alternative to Original Medicare. These "bundled" plans include Part A, Part B, and usually Part D.
  • Some plans may have lower out-of-pocket costs than Original Medicare.
  • Some plans offer extra benefits that Original Medicare doesn't cover - like vision, hearing, or dental.

Includes:

  • Part A
  • Part B
  • Part D (Included In Most Plans)

Some Plans Also Include:

  • Lower Out-of-Pocket Cost
  • Extra Benefits

You can enroll into Medicare Part A and/or Medicare Part B in the following ways. 

Initial Enrollment Period (IEP). You can enroll in Medicare at anytime during this seven-month period, which includes the three months before, the month of, and the three months following your 65th birthday. The date when your Medicare coverage begins depends on when you sign up.

  • If you enroll during the first three months of your IEP, coverage begins the month in which you first become eligible for Medicare.
  • If you enroll during the fourth month of your IEP, coverage begins the month following the month of enrollment.
  • If you enroll during the fifth month of your IEP, coverage begins the second month following the month of enrollment.
  • If you enroll during the sixth or seventh month of your IEP, coverage begins the third month following the month of enrollment.

For each 12-month period you delay enrollment in Medicare Part B, you will have to pay a 10% Part B premium penalty, unless you have insurance based on your or your spouse’s current work (job-based insurance) or are eligible for a Medicare Savings Program (MSP).

Medicare beneficiaries can qualify for Extra Help with their Medicare prescription drug plan costs. The Extra Help is estimated to be worth about $5,000 per year. To qualify for the Extra Help, a person must be receiving Medicare, have limited resources and income, and reside in one of the 50 States or the District of Columbia.

  • Applying online at www.socialsecurity.gov/extrahelp
  • Calling Social Security at 1-800-772-1213 (TTY 1-800-325-0778) and requesting an application be mailed to you or applying over the phone
  • Applying in person at your local Social Security office.

Medicare calculates the penalty by multiplying 1% of the “national base beneficiary premium” ($32.74 in 2020) times the number of full, uncovered months you didn’t have Part D or creditable coverage. The monthly premium is rounded to the nearest $. 10 and added to your monthly Part D premium.

Teresa D Mitchell

An Independent Agent serving Hillsborough County area and surrounding counties in Florida.

Also licensed in AL, AZ, CA, CO, FL, GA, ID, IN, LA, MS, NV, OH, OR, TN, TX, UT, WA.

Contact

Email:

Teresa@TeresaDMitchell.com

Phone:

+1-877-220-4944.                                                          +1-813-970-7200

My Mission

Teresa D Mitcchell  is your neighborhood agent that will help you wade through the many options and select products that are tailored to your needs and that don’t leave you either underinsured or over-insured.

We are dedicated to providing the highest quality customer service. You can rest “insured” knowing that your personal agent will be looking out for you when you need them.

Our work does not end when a policy is issued; but rather, we work continuously to provide you with personal assistance on any insurance needs