What is Medicare?

Medicare is a health insurance program primarily aimed at people aged 65 or older. To be eligible, in addition to meeting the age requirement, you must have accumulated at least 40 credits on your tax returns (which is approximately 10 years of filings)

Another way to qualify for Medicare is if you have a disability, but it must be certified by a physician in order to be eligible. The decision in these cases is made directly by the Medicare office and the Social Security office

How are these credits earned?

With each tax return, two contributions are made: one toward retirement and another toward Medicare, in addition to paying the tax return itself. It is important to have a minimum level of income for a credit to be generated.

Typically, people with income can earn up to four credits per year (which is the maximum) on their tax returns.

Keep in mind: If you do not have the 40 credits accumulated on your tax returns, you cannot apply for Medicare until you meet this requirement

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Types of Medicare
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Medicare Original

When you are approved for Medicare, you gain access to Original Medicare, your fundamental health coverage. Think of it as two essential pillars: Part A, your shield against hospitalization costs—already paid for through your years of contributions—and Part B, your ally for doctor visits, X-rays, and essential treatments, with a small monthly premium that brings great peace of mind

But that’s not all. For complete protection, consider Part D, which covers prescription drugs. Even if you don’t need medications now, having Part D is a smart decision for the future, with an additional cost that’s worth the security it provides

At TaxPlus Insurance, we help you understand each part of this valuable system so you can make informed decisions and get the most from your Original Medicare benefits. Secure your well-being with the coverage you deserve!

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Medicare Advantage

This is Part C of Medicare. Medicare Advantage combines Part A, Part B, and usually Part D into a single plan managed by private companies. These plans cover hospitalizations, medical coverage, and prescription drugs, and each plan specifies the cost of each service

Enrollment Periods

Medicare has crucial times for enrolling or adjusting your plan. Knowing these key periods allows you to take control of your coverage and make necessary changes at the right time. At TaxPlus Insurance, we keep you informed so you never miss a deadline.

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Annual Election Period (AEP)

October 15 to December 7: During this period, people who already have a Medicare plan can renew or change their plan for coverage starting the following year. Any changes made during this time become effective on January 1 of the next year

Open Enrollment Period (OEP) for Medicare Advantage

January 1 to March 31: This period is for people who are already enrolled in a Medicare Advantage plan. If you made a change during the AEP but are not satisfied with your new plan, you have another opportunity to switch to a different Medicare Advantage plan or return to Original Medicare during this time. This period also applies to those who did not make changes during the AEP, as Medicare plans renew automatically unless you request a change.

Initial Enrollment Period (IEP)

Your Initial Enrollment Period is crucial: a 7-month window designed especially for you!

Plan Ahead! It begins 3 months before the month of your 65th birthday.
The Key Moment! It includes the exact month of your birthday.
Secure Your Future! It extends for 3 months after your birthday.

If you enroll outside of this period!, a permanent penalty applies-equivalent to 10% of the Part B premium for each month of delay. Protect your wallet and your health! At TaxPlus Insurance, we guide you so you don’t miss this vital window. Secure your Medicare coverage without penalties!

Special Enrollment Period (SEP)

During this period, you are allowed to make changes at special times under certain conditions.

With Special Enrollment Periods (SEP), Medicare adapts to your unique circumstances. Did you move? Is your current plan rated below 5 stars? Did you qualify for Medicaid? Has a prolonged hospitalization changed your needs? You have options to adjust your coverage outside of the regular enrollment periods

Even unexpected events like natural disasters can open a special window for you to enroll. Don’t let life changes catch you off guard.

At TaxPlus Insurance, we help you determine if you qualify for a SEP and make the necessary changes so your Medicare always fits your reality. Your peace of mind is our priority, no matter the circumstances

Please note: To qualify for Medicaid, you must have a very low income or a very critical medical condition

It is crucial to be aware of these enrollment periods. If you have questions or concerns about your specific situation, don’t hesitate to contact us for assistance throughout the process.

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