Medicare

Medicare

Medicare is the federal health insurance program for individuals age 65 or older and certain younger individuals with disabilities.

Aevo Medicare Services

Phone

(877) 406-5160

Website

aevoservices.com

2024 Medicare and You

Benefits of Medicare

If you are Medicare Eligible, you may need to enroll in Medicare coverage. A free consultation with one of our agents can help you determine important next steps.

The potential to lower your medical expenses.

In many regions, Medicare provides better coverage than some employer-sponsored plans.

It is likely that your current doctors accept Medicare.

Some plans also provide additional benefits such as dental care, transportation to healthcare facilities, and other services such as housekeeping, meal preparation, and gym memberships.

HOW DO I ENROLL?
If you are not already receiving other Social Security benefits, you will need to take one of the following actions to enroll in Original Medicare, Part A and Part B:
  1. Apply online at www.ssa.gov/retireonline
  2. Visit your local Social Security office
  3. Call Social Security at 1-800-772-1213
  4. If you are currently enrolled in Part A and want to enroll in Part B, you will need to complete an Application for Enrollment in Medicare Part B form (CMS-40B).  Download the form here.
DO I NEED TO ENROLL?

When you are nearing eligibility, it’s important to understand your options so you can make informed decisions. Individual circumstances will likely determine when you should enroll in Medicare. When considering your options, keep the following in mind:

  • The majority of individuals should enroll in Part A upon becoming eligible.
  • Certain people may choose to wait to enroll in Part B, depending on their individual circumstances.
  • If you do not quality for premium-free Part A, you cannot enroll in Part A without first enrolling in Part B.
WHEN DO I ENROLL?

Upon becoming eligible for Medicare, you have 7 months to sign up for Part A and/or Part B, this is called the initial enrollment period. If your Medicare eligibility begins when you turn 65, you can sign up during the 7-month initial enrollment period which begins 3 months before the month you turn 65, includes the month you turn 65, and ends 3 months after the month you turn 65.

WHAT HAPPENS IF I MISS ENROLLMENT?
If you do not fully understand your Medicare options and enrollment periods, and you choose the wrong plan or do not enroll, you may find your self incurring significant out-of-pocket expenses.

MEDICARE PART B LATE ENROLLMENT PENALTY

If you do not enroll in Part B when initially eligible, once you do enroll your monthly premium may have increased by 10% for each 12-month period in which you were eligible but not enrolled. This penalty will continue to increase for the length of time that you are not enrolled in Part B. However, you may not pay this penalty if you are eligible to enroll in Part B during a “Special Enrollment Period”. For example, if you are actively employed when you turn 65, you may be granted a “Special Enrollment Period” upon retirement from your employment.

MEDICARE PART D LATE ENROLLMENT PENALTY

If you do not enroll in Part D when initially eligible, and you are without Part D or equivalent coverage for 63 or more days in a row, you will be subject to a monthly penalty added to your premium. This monthly penalty is calculated by taking 1% of the national based beneficiary premium ($33.06 in 2021) and multiplying it by the number of months you were not enrolled in Part D.

PART A - HOSPITAL INSURANCE

What’s covered:

  • Inpatient care in a hospital
  • Skilled nursing facility care
  • Hospice Care
  • Home Health Care

PART B - MEDICAL INSURANCE

What’s covered:

  • Doctor Visits
  • Medically Necessary Services
  • Outpatient Services
  • Preventive Care

PART C - MEDICARE ADVANTAGE

Medicare Advantage Plans, also known as “Part C” or “MA Plans” are an alternative to original Medicare which combines Medicare Part A, Part B and often Part D

PART D - MEDICARE DRUG COVERAGE

Medicare drug coverage helps pay for prescription drugs you need. Even if you don’t take prescription drugs now, you should consider getting Medicare drug coverage. Medicare drug coverage is optional and is offered to everyone with Medicare. If you decide not to get it when you’re first eligible, and you don’t have other creditable prescription drug coverage (like drug coverage from an employer or union) or get Extra Help, you’ll likely pay a late enrollment penalty if you join a plan later. Generally, you’ll pay this penalty for as long as you have Medicare drug coverage. To get Medicare drug coverage, you must join a Medicare-approved plan that offers drug coverage. Each plan can vary in cost and specific drugs covered.

MEDICARE SUPPLEMENTAL PLAN

Medigap is insurance designed to work with Original Medicare. Original Medicare does not cover all of the costs associated with covered health care services and supplies. Medigap can cover some of the remaining health care costs, such as coinsurance, deductibles, and copayments.