Turning 65 is a major milestone, and one of the most important decisions you'll make is choosing the right health insurance plan. Whether you're enrolling in Medicare for the first time or exploring additional coverage options, understanding your choices can help you secure the best plan for your needs.

 

Medicare Enrollment: What You Need to Know

 

Medicare is a federal health insurance program available to individuals turning 65. Your Initial Enrollment Period (IEP) begins three months before your 65th birthday and lasts for seven months. During this time, you can enroll in:

• Medicare Part A (Hospital Insurance): Covers inpatient hospital stays, hospice care, and some skilled nursing facility care. Most people get this premium-free if they have worked and paid Medicare taxes for at least 10 years.
• Medicare Part B (Medical Insurance): Covers doctor visits, outpatient care, preventive services, and some medical supplies. There is a monthly premium, which varies based on income.

If you are already receiving Social Security benefits, you will be automatically enrolled in Medicare Parts A and B. If not, you must sign up through the Social Security Administration.

 

Medicare Supplement Plans (Medigap): Do You Need Extra Coverage?

 

While Medicare covers many healthcare costs, it does not pay for everything. A Medicare Supplement (Medigap) plan can help cover out-of-pocket expenses like copayments, coinsurance, and deductibles. These plans are sold by private insurers and work alongside Original Medicare (Parts A & B).

 

Key Benefits of a Medigap Plan

• Helps pay for costs not covered by Medicare
• Gives you access to any doctor that accepts Medicare
• Offers predictable out-of-pocket expenses

Medicare Advantage (Part C): An Alternative to Original Medicare

 

Medicare Advantage plans are an all-in-one alternative to Original Medicare, offered by private insurance companies. These plans often include extra benefits such as:

• Prescription drug coverage
• Dental, vision, and hearing benefits
• Wellness programs and gym memberships

Since coverage varies by plan and location, it is important to compare options before choosing.

 

ACA Alternatives for Those Who Qualify

 

If you are not eligible for Medicare or need coverage for a spouse who is not yet 65, Affordable Care Act (ACA) health plans may be an option. ACA plans provide comprehensive coverage and can be a good fit for those who need additional healthcare support before transitioning to Medicare.

 

Actionable Steps to Find the Right Plan

• Review your current coverage and health needs
• Compare Medicare plans to see what fits your budget
• Consider a Medigap or Medicare Advantage plan for extra benefits
• Check ACA plans if you or your spouse need alternative coverage

Need help choosing the best plan? Contact Cornerstone Insurance today for a personalized consultation on your turning 65 health insurance options.