Medicare

Medicare Part A: This part covers hospital stays, skilled nursing care, hospice care, and home health care services. Most people do not have to pay for Part A coverage since they paid Medicare taxes while working.

Medicare Part B: This part covers doctor visits, outpatient services, preventive care, and medical equipment. Part B requires a monthly premium.

Medicare Part C: Also known as Medicare Advantage, Part C plans combine Parts A and B coverage and often include additional benefits, such as prescription drug coverage, vision, hearing, and dental care. These plans are offered by private insurance companies that contract with Medicare.

Medicare Part D: This part covers prescription drug costs. Part D is offered by private insurance companies and requires a monthly premium. Medicare Supplement: Also known as Medigap plans, these policies are offered by private insurance companies. These plans cover out-of-pocket costs that you may be responsible for under Original Medicare, including deductibles, co-payments, and coinsurance among others. You may not enroll in both a Medicare Supplement and a Medicare Advantage plan.

Initial Enrollment Period (IEP): This is the first time you can enroll in Medicare, which is a seven-month period that starts three months before the month you turn 65, includes the month you turn 65, and ends three months after the month you turn 65. 
If, while in this window, you apply for Medicare prior to your 65th birthday, coverage will be effective on the first of your birthday month.
If, while in this window, you apply for Medicare during or after the month of your 65th birthday, coverage will be effective on the first of the next month. 
If you are eligible for Medicare due to a disability, you can enroll during the seven-month period that starts three months before your 25th month of receiving disability benefits and ends three months after. 

General Enrollment Period (GEP): If you missed your IEP, you can enroll in Medicare during the GEP, which runs from January 1 to March 31 each year. Your coverage will start on the first of the month after you apply. You may face late enrollment penalties if you choose to enroll during this period.

Annual Enrollment Period (AEP): The AEP runs from October 15 to December 7 each year. During this time, you can make changes to your Medicare coverage, including switching from Original Medicare to a Medicare Advantage plan or vice versa, adding or dropping Part D coverage, or changing Medicare Advantage plans. Coverage will begin on January 1 of the next year.
Medicare Advantage Open Enrollment Period (MA-OEP): MA-OEP runs from January 1 to March 31 each year. During this time, Medicare Advantage enrollees may change their Medicare Advantage plan, or return to Original Medicare and choose a Prescription Drug Plan. If you are not a Medicare Advantage enrollee, your options are limited during this period. New coverage will begin on the first of the month after you apply.

Special Enrollment Period (SEP): If you experience a qualifying life event, such as moving to a new state, losing your employer-sponsored health insurance, or becoming eligible for Medicaid, you may be eligible for a SEP. This period allows you to make changes to your Medicare coverage outside of the regular enrollment periods.