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Medicare was established in 1966 under the Social Security administration as national health insurance program.
Medicaid offers benefits not normally covered by Medicare like nursing home and personal care services. It is both a Federal and a State program that helps with the costs for people who don’t have the resources or income to pay for it.
Medigap is private insurance that provides coverage for things like co-pays and helps fill the gap for things Medicare doesn’t fully pay like skilled nursing, home health care, ambulance, durable medical equipment, among other things.
You become eligible for Medicare when you turn 65 years old. You are enrolled automatically if you’re taking Social Security. If you’re not, you’ve got to call 800-772-1213. Part A is free if you have worked for at least 40 quarters which is 10 years. If not, you’ll have to pay a premium for it. Part B always has a monthly premium associated with it. Part D which is for subscription drugs requires you sign up whether you’re enrolled in A and B or not.
The question is often asked whether one needs both Part A and Part B. This depends on whether Medicare will be your primary or secondary insurer. Part A is free so most sign up for it. If you wait to take Part B you’ll pay a late enrollment penalty. If you have Insurance from a current employer, you must enroll within 8 months of retiring or you’ll lose coverage or you’ll have to pay a penalty.
The cost for Medicare will be taken out of your Social Security check automatically.
The best resource is to call your local Social Security Office or call a person who specializes in Medicare supplement policy, if they are honest that will be your best resource. We can refer someone we’ve worked with forever on Medigap policies that is very knowledgeable.
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