Medicare 101

 Medicare is a federal health insurance program primarily for people 65 and older, as well as certain younger individuals with disabilities or End-Stage Renal Disease. It is not automatic — you must actively enroll during the correct window to avoid penalties.

 Part A covers inpatient hospital stays, skilled nursing facility care, hospice, and some home health services. Most people pay $0 in premiums for Part A if they or their spouse worked and paid Medicare taxes for at least 10 years.

 Part B covers doctor visits, preventive services, outpatient care, lab work, and durable medical equipment. There is a monthly premium (standard $202.90 in 2026) and a deductible. Part B is where most day-to-day medical costs occur.

 Medicare Advantage plans are offered by private insurance carriers approved by CMS. They bundle Part A, Part B, and usually Part D into one plan — often with added benefits like dental, vision, and hearing. Networks and costs vary by carrier and county.

 Part D provides prescription drug coverage through stand-alone plans (PDPs) or bundled within a Medicare Advantage plan. Each plan has a formulary — a list of covered drugs organized by cost tiers. Choosing the right Part D plan based on your specific medications matters significantly.

Missing your Initial Enrollment Period (IEP) — the 7-month window around your 65th birthday — can trigger lifetime late-enrollment penalties. Other key periods include the Annual Enrollment Period (Oct 15–Dec 7), Open Enrollment (Jan 1–Mar 31), and Special Enrollment Periods for qualifying life events.