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Turning 65? 7 Things You Should Know:

* Medicare Parts A & B (aka “Original Medicare”) was instituted by the Federal Government and is administered by the CMS (Centers for Medicare & Medicaid Services), is generally an 80%/20% insurance plan with deductibles and coinsurance.

* Part A (HOSPITAL) is usually at no charge providing that the individual has worked a minimum of ten years in the United States.

* Part B (MEDICAL) comes with a monthly premium that is automatically deducted from your social security check. The cost in 2020 is $144.60 per month (if you make less than $83k per year).

* Part C (Medicare Advantage) is sold by private insurance companies and must include all the benefits of Parts A & B. It also may offer additional benefits not found in Original Medicare such as dental, vision, Rx drug coverage, free gym membership and more.

* Part D (Prescription Drug) Also sold by private insurance companies and can be sold as a stand-alone prescription drug plan with Original Medicare or a Medicare Supplement plan.

* Medicare Supplement differs from Medicare Advantage in many ways. One being, that a Medicare Advantage plan may offer a $0 MONTHLY PREMIUM plan in many areas, where a Medicare Supplement plan charges a monthly plan premium.

* You may have to pay a late enrollment penalty for Medicare Part D (Prescription Drug) and for Medicare Part B (MEDICAL), which are optional coverages. Ask your agent about rules and exclusions.