Medicare is a health insurance program provided by the federal government for qualifying individuals, including people age 65 and older, those with certain disabilities, and individuals with End-Stage Renal Disease (ESRD).
Some people may confuse Medicaid and Medicare programs. The primary difference is that Medicaid is a needs-based insurance program, while Medicare is not. Your income is not a determining factor for Medicare qualification.
There are monthly premiums for certain parts of Medicare. Additionally, Medicare does have some limitations and regulations on what it will cover for health care costs.
The Initial Enrollment Period (IEP) for Medicare is a seven-month period beginning three months before you turn 65, the month in which you turn 65, and three months after you turn 65. For example, if you turn 65 on June 14, your IEP is from March 1st through September 30.
If you do not sign up during your initial enrollment period, and you are not covered by an employer health plan or are volunteering overseas for at least 12 months, you’ll begin accruing Part B late enrollment penalties. You will only be able to enroll during the General Enrollment Period (GEP). The GEP runs from January 1st through March 31st each year, with coverage starting July 1st.
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