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Medicare has four basic parts — Parts A, B, C and D. Parts A and B include hospital and medical coverage respectively. Part C includes Medicare Advantage plans and helps cover the portions of your care not included in Parts A and B. Part D coverage includes prescription drug plans.

You may qualify for Medicare or Medicare Advantage plans if you are 65 years of age; you are a U.S. citizen or a legal permanent resident who has lived in the United States for at least five years and paid Medicare taxes for at least 10 years; you have received disability benefits continuously for two years; or you have been diagnosed with end-stage renal disease.

You can apply for Medicare through your local Social Security office or register online or over the phone. For additional peace of mind, please consider registering for Medicare through one of our authorized, professional insurance agents here at SBI Benefits.

In most cases your enrollment period for Medicare services begins just before or after your 65th birthday so that you can begin maximizing your benefits within three months of turning 65. If you miss your initial enrollment period, there is a general enrollment session occurring January 1st through March 31st. Please note that enrolling during this period could result in higher premiums.

You can avoid penalties and higher premiums if you are over the age of 65, still working and covered by private insurance for your employer. This will prevent you from being penalized for your plans with Part B premiums. If you are over age 65 and still working, you may also apply for Part A as a backup, with no extra cost.

You may be responsible for out-of-pocket costs depending on the plans you choose and the benefits and coverage included in those plans. Medicare Parts A and B fall under the Original Medicare and cover hospital care and medical care respectively. Any care that is not included in these plans, such as dental, vision and hearing care, is considered an out-of-pocket cost. We recommend that you enroll in a Medicare Advantage or Supplemental plan to ensure you have the coverage you need.

Medicare Part A covers hospital care, including inpatient hospital care for physical and medical illness; skilled nursing care; and long-term care hospital services.

Medicare Part B covers medical care, including medically necessary services to diagnose and treat qualifying medical conditions; preventive care, such as flu vaccinations and early screenings for cancer or cardiovascular disease; and most outpatient services.

Medicare Part C is an advantage plan which you may receive through a private insurance company. It offers the same benefits as Parts A and B but also includes additional benefits for dental, vision and hearing care.

Medicare Part D covers prescription drugs. We recommend that you enroll in this coverage even if you are not current taking prescription medications to ensure that you have coverage if needed in the future.