Medicare is a federal health insurance program in the United States, created in 1965, that primarily provides coverage to:
Medicare credits are generated through paid work for which Social Security and Medicare taxes are paid. These credits determine whether you qualify for premium-free Medicare Part A (hospitalization) and also for Social Security benefits.
How are they generated?
How many credits do you need for premium-free Medicare Part A?
Medicare works as a health insurance system divided into parts, with each part covering different medical services. Beneficiaries choose how they want to receive their coverage (Original Medicare or Medicare Advantage) and can supplement it according to their needs.
Original Medicare is the traditional form of the federal Medicare health insurance program, administered directly by the United States government (through the Centers for Medicare & Medicaid Services, or CMS).
What does Original Medicare include?
What Original Medicare does NOT cover:
How does it work?
Medicare Advantage, also known as Medicare Part C, is an alternative to Original Medicare. These are private plans approved by Medicare that combine Part A and Part B coverage and often include prescription drug coverage (Part D) and additional benefits.
What does Medicare Advantage include?
A Medicare Advantage plan must cover at least what Original Medicare covers:
Part A: Hospitalizations
Part B: Medical Services
And it usually also offers:
Part D: Prescription Drugs
Additional Benefits
How does Medicare Advantage work?
You may have:
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.
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
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.
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!
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
