Medicare Frequently asked Questions

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1. What is Medicare? Medicare is a federal health insurance program that covers individuals 65 or older, people with specific disabilities, and people with End-Stage Renal Disease (ESRD).
2. How do I enroll in Medicare? You can enroll in Medicare by visiting the Social Security website or office or calling them. If you receive Social Security benefits, you will automatically be enrolled in Medicare Part A and Part B when you turn 65.
3. What does Medicare cover? Medicare covers various medical services, including hospital stays, doctor visits, and prescription drugs. The specific services covered depend on the type of Medicare plan you have.
4. What is the difference between Medicare Part A and Part B? Medicare Part A covers hospital stays, skilled nursing care, hospice care, and home health care. Medicare Part B covers doctor visits, outpatient care, preventive services, and medical equipment.
5. How much does Medicare cost? The cost of Medicare depends on your specific plan and income level. Most people do not pay a premium for Medicare Part A. Still, there are premiums for Part B and Part D. There are also deductibles and copayments associated with each plan.
6. What is the Medicare Annual Enrollment Period? The Medicare Annual Enrollment Period is the time each year when you can make changes to your Medicare coverage. This takes place from October 15 to December 7.
7. How do I choose a Medicare plan? You can choose a Medicare plan by reviewing your healthcare needs and comparing the benefits of each program available in your area. You can also work with a licensed insurance agent or a Medicare counselor for assistance.
8. What is Medicare Advantage? Medicare Advantage is an alternative to Original Medicare (Part A and Part B) offered by private insurance companies. Medicare Advantage plans must cover all the same services as Original Medicare. Still, they may provide additional benefits such as vision or dental coverage.
9. What is Medicare Part D? Medicare Part D is a prescription drug plan that provides coverage for medications prescribed by your doctor. Private insurance companies offer it, typically including a monthly premium, an annual deductible, and copayments or coinsurance.
10. What is the Medicare Donut Hole? The Medicare Donut   Hole is a coverage gap in Medicare Part D where you are responsible for paying a significant portion of your medication costs until you reach a  certain threshold. Once you have spent a certain amount out of pocket, you will exit the Donut Hole and enter a period of catastrophic coverage.

Most people pay the standard Part B premium amount. The typical Part B premium amount in 2024 is $174.70. This amount will be increasing to $185 in 2025. Suppose your modified adjusted gross income,e as reported on your IRS tax return from 2 years ago, is above a certain amount. In that case, you'll pay the standard premium amount and an Income Related Monthly Adjustment Amount (IRMAA). IRMAA is an extra charge added to your premium.