Medicare Explained: YouTube Video to Master Medicare in Under 5 Minutes
WATCH THE VIDEO: Medicare Explained – Medicare 101 (YouTube)
What’s in the Video: Medicare 101
Here’s what you can learn with this short, <5-minute video:
- What Does Medicare Cost?
- What Are the Different Parts of Medicare?
- How do Medicare Deductibles Work?
- What’s the Difference Between Part A and Part B?
- How does Medicare Advantage Work?
- What’s Medicare Part D?
Medicare FAQ 2023: Frequently Asked Questions
Q: What are the 4 Types of Medicare?
A: The four most common forms or “parts” of Medicare are:
- Part A: Coverage for inpatient hospital services
- Part B: Coverage for outpatient medical services
- Part C: Known as “Medicare Advantage”, this is an alternative, privately-operated way to receive your Medicare benefits
- Part D: Coverage for prescription drugs
Q: When Can I Enroll in Medicare?
A: The first time you can enroll in Medicare is during your Initial Enrollment Period, which begins 3 months before your 65th birthday. If you don’t sign up during your Initial Enrollment Period because you still have a plan through work, you can sign up for Medicare as soon as your group coverage ends.
If you need to switch to Medicare Advantage, add a part D plan, or switch back to Original Medicare, this needs to happen during the Medicare Annual Enrollment Period from October 15th to December 7th each year.
Q: What’s the Difference Between Medigap and Medicare Advantage?
A: MediGap plans are standalone supplementary health insurance plans designed to fill some of the coverage gaps in Original Medicare.
Medicare Advantage, or “Part C”, is a privately-operated form of Medicare that also helps fill the coverage gaps. Unlike Medigap, a Medicare Advantage plan is designed to replace your Original Medicare, not just supplement it.
Q: How do I Get Medicare When I Turn 65?
A: If you are already receiving Social Security or retirement benefits, then you should be automatically enrolled in Original Medicare (Parts A & B). If you are not receiving these benefits, you will need to actively enroll.
If you need help with actively enrolling in Medicare, we can connect you with a Personal Benefits Manager. You’ll find a link at the bottom of this page.
Become a Master of Medicare: Subscribe to the Monthly Health and Wealth Newsletter
The YouTube video linked above is a great way to get started with Medicare. But if you want to become a true Medicare master, you should subscribe to our monthly e-publication. MediGap Advisors’ Health and Wealth Newsletter is your ongoing source for information on such topics as:
- Getting $0 premium Medicare
- Saving tax-free money with the MSA Account
- Planning for long-term healthcare costs
- How to know if you’re in the best Medicare plan for you
Need to change Medicare plans? Click here to connect with one of our in-house Personal Benefits Managers. Our PBMs are experts in all things Medicare, and can help you make sure that you’re never overpaying.
Wiley Long is founder and president of Medigap Advisors, and is passionate about helping people navigate the confusing waters of Medicare. He is the author of The Medicare Playbook: Designing Your Successful Health Coverage Strategy, a clear and simple explanation so you can make the most of your Medicare coverage.