Medicare is a federal health insurance program for people who are age 65 and over and for some younger people who receive Social Security disability benefits.

You're first eligible to sign up for Medicare three months before you turn 65. This is the Initial Enrollment Period, and it lasts for seven months. The Annual Enrollment Period (AEP) runs from October 15 – December 7, and Medicare Open Enrollment Period (OEP) runs from January 1 – March 31. Some people are automatically enrolled for Medicare coverage, and others must sign up. There is also a Special Enrollment Period for those who have experienced specific life events, such as a new residence or a loss of insurance coverage. Eligibility varies from case to case. You can apply for Medicare coverage online at www.medicare.gov.

Original Medicare or Traditional Medicare is a fee-for-service health program. This means you can choose any doctor or hospital that accepts Medicare anywhere in the United States, and Medicare will pay its share of the bill. It includes benefits from Part A and Part B.

Also referred to as Part C, Medicare Advantage gives people an alternative way of receiving their Medicare benefits. The program consists of many different health plans (typically HMOs and PPOs) that are regulated by Medicare but run by private insurance companies. These plans offer Part A and Part B benefits and usually some form of Part D prescription drug coverage. Some plans may also include additional preventative benefits, such as routine hearing, vision and dental care, and fitness programs. To keep out-of-pocket costs down, Medicare Advantage plans usually require you to go to doctors and hospitals within the plan’s provider network.

Costs will vary for Medicare and the specific plan you select if you opt for a Medicare Advantage plan. Although, many Medicare Advantage plans often have low-cost or even $0 premiums. For Original Medicare, the federal program sets a standard monthly premium for Part A and Part B each year. However, your specific premium may be different based on your income. You may be eligible for premium-free Part A if you are age 65 or older and you or your spouse worked and paid Medicare taxes for at least 10 years.

If you have Medicare Advantage, you are part of a managed care plan. This means that your costs stay down as long as you see providers within your network. Medicare Advantage typically covers more than traditional Medicare, including alternative or complementary care, and is often a good option to consider for Medicare beneficiaries battling chronic diseases.

Medicare Advantage plans are constantly expanding the benefits they offer that Original Medicare does not, i.e., transportation assistance, wellness programs, and telehealth visits. In addition, Medicare Advantage brings your care together under one umbrella so that it can be seen as a whole. It provides the simplicity of having just one plan that includes all parts of Medicare.