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Original Medicare


Original Medicare

Medicare is a federal program that offers health insurance to American citizens and other eligible individuals. It is commonly called, “Original Medicare”.

Part A

Medicare Part A covers 80% of hospitalization and some other services that are not considered “doctor provided” (which isn’t very many).

You are entitled to Part A based solely on your age, and you do not have to sign up for it or pay premiums for it.

Medicare Part B

Medicare Part B covers doctors’ services and outpatient care. Part B pays for 80% of covered services, and you pay the other 20% up to a maximum out-of-pocket per year. You can also opt to add a Supplement plan to cover the remaining 20% that Parts A and B don’t cover.

You will pay premiums based on your income. If you apply for Social Security when you are eligible, your Part B premiums will be deducted from your Social Security checks.

You must sign up for Part B, and can do so either:
  • When you turn 65
  • At a later date if you plan to work past age 65 and have access to a group insurance plan

Even if you plan to work past age 65, it is a good idea to sit down with your insurance planner 3 months before your 65th birthday to talk about your options. Everyone’s situation is different, and there are a lot of options and financial tradeoffs to be considered carefully, because you may not be able to change your decision once you are out of your enrollment period.

Give us a call at 479-273-1421 to schedule a personalized consultation and create a health care plan for your retirement