Once you are Medicare-eligible, or just about to be, there are some tips on how to be a savvy Medicare consumer.

1) Understand the Different Parts of Medicare

Medicare can seem really confusing but here’s what you need to know. Medicare is broken down into two parts: A and B.

    Part A is called hospitalization coverage and covers things like hospital stays (duh), Skilled Nursing Facility, Hospice, and Home Health Services. A $1,260 deductible (2015) applies for each 60-day benefit period and then there are set copays for care.
    Part B is called medical coverage and covers things like doctors visits, lab work, X-rays, out-patient surgery, and a second opinion before in-patient surgery. A $147 deductible (2015) applies for the year and then you are responsible for 20% coinsurance, copays, and excess charges.

Click here to learn more about Medicare Part A & B costs.

2) Know the Difference Between Medigap & Medicare Advantage

Here’s another confusing part of Medicare, there’s options?! I know, I know. But here’s the basics:

    Medigap fills in the gaps of Original Medicare and many clients find they have no out of pocket costs after they pay their monthly premium. Medigap can pay for deductibles, copays, coinsurance, excess charges, foreign emergency travel care, and here’s the big one, it extends hospitalization for 365 days.
    Medicare Advantage while you’re still “technically” enrolled in Original Medicare, Medicare Advantage replaces your Part A and Part B (except for Hospice) by creating a local, HMO or PPO network, limits your out of pocket spending (Original Medicare doesn’t put a cap on your annual expenses), and may offer extras like dental, vision, hearing, and drug coverage.

Click here to read about Medigap versus Medicare Advantage.

3) Learn how to Avoid Medicare Penalties

Many people don’t realize that Medicare Part A and B have separate penalties, as well as, if you enroll in Medicare Part D (drug coverage) late. The way to avoid these penalties is to enroll when you are first eligible or to have qualifying coverage outside of Medicare. For most people their 7month Medicare initial enrollment period is 3 months before their birth month, the month of their birth, and the 3 months following.

4) Use your $0 Preventive Services

When you enroll in Medicare you have several $0 preventive services available including vaccinations, screenings, and well visits. Getting preventive care is important to ensure good health.

5) Protect your Identity

This may seem logical, but there is a lot of senior fraud. Do not give out your social security number or Medicare ID number to any solicitor unless you have confirmed that are able to help you enroll in a plan. You also want to keep all your personal information in a safe place.

If you have any further questions call 800-930-7956 or click here to get a Medicare Insurance quote.