If you sign up for Medicare Advantage, which is an alternative to original Medicare (which consists of Parts A, B, and D), you generally will have these services covered. Otherwise, expect to pay for them out of pocket in full — either with funds from an HSA or another source, like your IRA or 401(k) plan.
There are some common health services that Medicare won’t pay for. These include dental cleanings, hearing aids, and eye exams.
Your initial Medicare enrollment window spans seven months. It starts three months before the month you turn 65 and ends three months after that month.
4. There are penalties for enrolling late
Medicare is a complex program. The more you learn about it, the less likely you’ll be to miss out on key information that could help you better plan for and manage your healthcare expenses during your senior years.
If you don’t enroll during your initial window, you could end up getting charged more for Part B on a permanent basis. In fact, for each year-long period you’re eligible for Medicare but don’t sign up, you’ll face a 10% surcharge on your Part B costs. You might also face penalties for delaying your Part D enrollment, so read up on the rules and make sure to secure coverage at the right time.