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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 2019 is $135.50 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.

Medicare itself does not pay for all expenses, but luckily Jenrick Insurance Group represents companies with plans which can alleviate some of the burden.