Medicare in two minutes
Medicare is the federal health plan for people 65 and older. Part A covers hospital stays and is free for most people who worked about 10 years. Part B covers doctors and outpatient care and has a monthly premium. Part D covers prescription drugs. Medicare Advantage, sometimes called Part C, is a private plan that bundles these together.
The most important date is your 65th birthday. You can sign up during the seven months around it: three months before, your birthday month and three months after. Missing it without other job-based coverage can mean a late penalty for as long as you have Medicare. If you are retiring before 65, you also need a plan to cover the years until Medicare starts.
