4 Important Decisions to Make Before Enrolling in Medicare
The period starting three months before your 65th birthday, continuing throughout the month during which your birthday occurs, and ending three months after that, is your initial Medicare open-enrollment window. Miss that opportunity to enroll and you could end up paying for your tardiness in higher premiums. So before you even reach the open-enrollment period, it's a good idea to know exactly what you're going to do about the many important decisions involved in signing up for Medicare.
The numerous types of Medicare plans fall under two primary programs. Original Medicare, which consists of Medicare Part A and Medicare Part B, covers hospital related expenses and some non-hospital healthcare expenses, including certain types of medical appointments, medical supplies, and outpatient care. These plans are provided by the federal government and allow you to use any healthcare provider that accepts Medicare.
Medicare Advantage is a program that offers you various insurance plans from private providers, generally consisting of a mix of HMOs, PPOs, and possibly hybrid plans such as EPOs. Most of these plans charge a monthly premium over and above the basic Part B premium, and they may offer a very wide range of coverage options.
Source: Fool.com