Please Note: Medicare Supplement is now the new name for Medigap. Going forward, all references to Medigap on this website will be updated to reflect the term Medicare Supplement.

Originating in the 1960s, Medicare is a government-provided fee-for-service insurance program intended primarily for seniors. The program encompasses several distinct parts, each of which is outlined below.

• Medicare Part A: covers facility-based care such as hospital visits, emergency room services, hospice, and nursing home care.
• Medicare Part B: covers traditional outpatient treatments and services, including vaccinations, lab tests, mental health services, outpatient operations, durable medical equipment, and most other medical services not performed in a hospital.
• Medicare Part C: (Medicare Advantage) covers elements of Parts A, B, and sometimes D.
• Medicare Part D: covers prescription drugs.
• Medicare Supplement Insurance: comes through private insurance companies and aims to fill in the “gaps” left in the traditional Medicare coverage.

A late enrollment penalty will be assessed if you DO NOT sign up for Medicare coverage during your Initial Enrollment Period at least 3 months prior to turning 65. (3 months to give yourself ample time to enroll)

• You’ll pay an extra 10% for each year you could have signed up for Part B but didn’t.
• It will be added to your monthly premium.
• It is not a one-time late fee.
• It is a lifetime charge.

Example:

• In 2025 the part b premium is $185.00. If you wait 2 years to sign up for Medicare Part B the penalty will be 20% or $37.00. Your monthly cost will be $222.00 for Life.

Generally, you won’t have to pay the Part B penalty if you qualify for a Special Enrollment Period.

Example:

• If you decide to work beyond age 65 and your employer/Union plan continues to cover, at the time you retire, you will have to notify Social Security of your expected retirement date, as well as giving them ample notice (3-4 months).

A similar penalty will also be assessed for Medicare Part D. Except, that is 1% per month for every month after you turn 65.  Also assessed for Life.

Navigating Medicare Is complex. Having a clear understanding of the different Medicare products available can make all the difference in finding the right coverage for your healthcare needs. Each product offers unique benefits and choosing the right one depends on your lifestyle, budget and medical requirements.

Understanding Medicare and choosing the right plan can feel overwhelming, but you don’t have to do it alone. As a licensed Medicare agent in Southwest FL, I can help you explore your options and make informed decisions about your healthcare and retirement.

How I Can Help You:

• Medicare Enrollment Support – Learn about eligibility and avoid late enrollment penalties.
• Medicare Plan Comparison – Review costs, benefits, and coverage options tailored to your needs.
• Affordable Medicare Plans – Find a plan that fits your budget while ensuring quality healthcare coverage.
• Personalized Medicare Advice – Get one-on-one guidance from a local Medicare professional.

Schedule Your No-Cost, No-Obligation Consultation

I’m here to make Medicare simple for you! Call (239) 989-2494 today to get started.

*Disclaimer: This page has not been reviewed or endorsed by Medicare.gov or any member of the Centers for Medicare & Medicaid Services (CMS).