If you miss your Medicare initial enrollment period, you could face a premium penalty equal to 10% of the current Medicare Part A premium. General enrollment runs from January 1 to March 31. If you miss the Medicare initial enrollment period, you can sign up during a general enrollment period each year.

This period is called the Medicare initial enrollment period. If you are not automatically enrolled, you must sign up for Medicare Part A during a seven-month period that begins three months before you turn 65 and extends for three months after you turn 65. However, if you didn't pay enough Medicare taxes during the years you were working, you'll have to pay premiums for Medicare Part A. Most seniors do not pay premiums for Medicare Part A coverage. Medicare Part A is available if you are 65 years old and receiving Social Security benefits or Railroad Retirement Benefits, and you'll be signed up automatically. Medigap plans can pay for additional services that traditional Medicare doesn't cover, or they may provide help paying some of traditional Medicare's coinsurance costs. You can buy Medigap plans along with Medicare Parts A, B and D. Some seniors may want additional health insurance coverage, such as a Medigap plan, to supplement traditional Medicare. In fact, many Medicare Part C plans provide more comprehensive coverage than Parts A and B, which are collectively referred to as traditional Medicare. Insurers providing coverage under Medicare Part C have to comply with certain guidelines and coverage requirements, but they have the flexibility to cover different types of healthcare needs. Medicare Part D: Provides prescription drug coverage.Most Medicare Part C plans also pay for some prescription drugs. Medicare Part C: Also known as Medicare Advantage, can replace Medicare Parts A and B coverage by providing coverage through a network of private health insurance providers.Medicare Part B: Pays for routine healthcare, including doctor visits, diagnostic medical tests, and medical equipment seniors may need as they age.Medicare Part A: Pays for hospital care, nursing home care, and home healthcare (nursing homes and home healthcare are only covered under limited circumstances).There are four different parts of Medicare that cover senior healthcare needs: What Are the Parts of Medicare That Cover Healthcare Expenses for Seniors? Whether you're currently covered by Medicare or thinking about your future healthcare needs, it's important to understand how the four parts of Medicare work, so that you can make smart decisions for your future. In fact, there are four parts to Medicare coverage, and you may have to pay for different types of healthcare. Medicare offers important assistance to seniors in paying their medical expenses, but despite what many believe, healthcare under Medicare is not free.

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