Medicare Guides: Enrollment, Coverage and Costs Explained

Medicare is the federal health insurance program for people 65 and older and for some younger people with disabilities. It covers tens of millions of Americans, yet the choices it asks you to make are among the most confusing in personal finance: which parts to sign up for, when to enroll, whether to choose Original Medicare or a Medicare Advantage plan, and how to cover the costs Medicare doesn't pay.

This section explains those decisions in plain English, including what Parts A, B, C and D cover, how the enrollment periods work and the penalties for missing them, how Medicare Supplement (Medigap) policies fill gaps in Original Medicare, and how prescription drug coverage works. We use figures published by the Centers for Medicare & Medicaid Services, Medicare.gov and the Social Security Administration, labeled with the year they apply to, because premiums, deductibles and limits change every year.

FinancialAdviser.com is not connected with or endorsed by the U.S. government or the federal Medicare program, and we don't sell Medicare plans. For help comparing plans in your area, use the official plan finder at Medicare.gov, call 1-800-MEDICARE, or contact your State Health Insurance Assistance Program (SHIP) for free, unbiased counseling.