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Types of Medicare Coverage

Medicare is the federal health insurance program for:

People who are 65+
Certain people with disabilities
People with End-Stage Renal Disease (ESRD)

Medicare Part A (Hospital)

Covers inpatient hospital stays, skilled nursing facility care, hospice care, and some home healthcare services.

Medicare Part B (Medical)

Covers certain doctors’ services, outpatient care, medical supplies, and preventive services.

Medicare Part C (Medicare Advantage)

Also called Medicare Part C, these plans combine the benefits of Original Medicare (Part A and Part B) into a single plan with additional coverage, like dental, vision, hearing, wellness, and more.

Medicare Supplement

Medicare Supplement, or Medigap, bridges the coverage gap left by Original Medicare (Part A and Part B) and covers costs like deductibles, copayments, and coinsurance.

Medicare Part D (Drug Coverage)

Medicare Part D Prescription Drug Plans (PDP) work in tandem with Original Medicare (Part A and Part B) and Medicare Advantage plans to provide prescription drug coverage.

Medicare Dental & Vision Plans

Dental and vision plans are additional ancillary products beneficiaries can purchase (as standalone or part of Medicare Advantage) since they are not included in Original Medicare (Part A and Part B) coverage.

Original Medicare

Original Medicare is a fee-for-service health plan that has two parts: Part A (Hospital) and Part B (Medical). After you pay a deductible, Medicare pays its share of the Medicare-approved amount, and you pay your share (coinsurance and deductibles).

Frequently Asked Questions

Please reach us at info@emfinancialservices.com if you cannot find an answer to your question.

Medicare Deadlines & Key Dates

Initial Enrollment Period (IEP)

Your Initial Enrollment Period (IEP) is a seven-month window around your 65th birthday:

Starts three months before the month you turn 65
Includes the month you turn 65
Ends three months after your birthday month

During this time, you can:

Enroll in Medicare Parts A and B
Choose a Medicare Advantage Plan
Sign up for a Part D Prescription Drug Plan

Automatic Enrollment
If you already receive Social Security or Railroad Retirement Board (RRB) benefits, you’ll likely be automatically enrolled in Medicare Parts A and B. You’ll receive your Medicare card in the mail about three months before your 65th birthday.

If you’re not receiving these benefits, you must sign up for Medicare through the Social Security Administration.

Special Enrollment Period (SEP)
If you’re still working and have health coverage through your employer or union, you may qualify for a Special Enrollment Period (SEP) to sign up for Medicare without a late enrollment penalty after your Initial Enrollment Period ends. The SEP typically lasts for eight months after your employment or group coverage ends.

Annual Enrollment Period (AEP)

Every year from October 15th to December 7th, you can add or make changes to your Medicare coverage, including:

Enroll in, switch, or drop Medicare Advantage plans
Enroll in, switch, or drop Medicare Part D prescription drug plans

Open Enrollment Period for Medicare Advantage Plans (OEP)

If you're enrolled in a Medicare Advantage plan, you can switch to a different plan or return to Original Medicare from January 1st to March 31st each year.

Late Enrollment Penalties for Medicare

There are a couple of late enrollment penalties to know. These occur when you do not sign up for Medicare during your IEP:

Part B Penalty: A 10% increase in premiums for each 12-month period you were eligible but didn’t enroll.
Part D Penalty: 1% of the national base premium for every month you were without prescription drug coverage when eligible.

Medicare 101: Medicare options can be overwhelming. We're here to help.