Medicare becomes much clearer once you realize that there are only two primary options you must decide between. You can choose to stay with “original” Medicare or instead participate in one of the newer Medicare Advantage plans. What is important to understand is that one option is not better than the other. They are simply different ways of receiving your health care. Watch this first lesson’s five-minute video and you will have a much better idea of which option might be best for you.

Just because you are turning 65 doesn’t necessarily mean now is the best time to join up. One of the most confusing parts of Medicare involve the various enrollment periods. To cut through this confusion it is important to understand that there are two different kinds of enrollment. There is one enrollment to get your Medicare card and start PART A and PART B. But because most people want more comprehensive coverage, they usually will add a Medigap plan or an Advantage plan and usually coverage for prescription drugs. This requires a second enrollment when you wish to go beyond the original Medicare PART A and Part B to get additional coverage. In this lesson’s six-minute video you will learn the three life events that determine when you can enroll and how to avoid lifetime penalties you might face if you get this wrong.

There are six coverage gaps that could easily result in large medical bills. If you decide to stay in Original Medicare, you will either need to be prepared to pay these costs out of your own pocket or purchase a Medigap policy designed to fill in these gaps. You have a six-month period that begins on your Part B effective date when you are granted a once in a lifetime right to buy any Medigap policy sold in your state, regardless of your health status. This means that during this six-month window, the insurance company cannot turn you down or even ask you any qualifying health questions. But after this once in a lifetime window passes, insurance companies do not have to offer you a plan or accept you as a customer. In this lesson’s seven-minute video you will learn more about these gaps and what you can do to fill them.

There are six coverage gaps that could easily result in large medical bills. If you decide to stay in Original Medicare, you will either need to be prepared to pay these costs out of your own pocket or purchase a Medigap policy designed to fill in these gaps. You have a six-month period that begins on your Part B effective date when you are granted a once in a lifetime right to buy any Medigap policy sold in your state, regardless of your health status. This means that during this six-month window, the insurance company cannot turn you down or even ask you any qualifying health questions. But after this once in a lifetime window passes, insurance companies do not have to offer you a plan or accept you as a customer. In this lesson’s seven-minute video you will learn more about these gaps and what you can do to fill them.

Whether or not you decide to have Medicare Part D prescription drug coverage is entirely up to you. The government will not force you to enroll. But even though it is your choice, if you are late in enrolling for a plan, you may be hit with lifetime penalties. The penalty amounts to an additional 1 percent a month of the basic Part D premium for each month that you are late enrolling. For someone who is four years late, that’s 48 percent more each month for life! In this lesson’s seven-minute video you will learn how to avoid penalties, and pick the best plan based on the medications you take.

Medicare Advantage plans are an alternative to “original” Medicare. Since you cannot have both, you’ll need to know enough about each of these alternatives so that you can make an intelligent choice. This lesson’s five-minute video will help you better understand the important restrictions and costs of the health components of Part C Medicare Advantage plans.