There are a few key windows, and missing them can cost you. Your Initial Enrollment Period is a 7-month window around your 65th birthday, it starts 3 months before the month you turn 65, includes your birthday month, and runs 3 months after. To avoid a coverage gap, it's best to sign up during the 3 months before your birthday. If you already have Medicare, the Annual Enrollment Period runs October 15 through December 7 each year, and any changes you make take effect January 1.

Most people pay nothing for Part A (hospital coverage) because they paid Medicare taxes while working. For Part B (medical coverage), the standard monthly premium is $202.90 in 2026, with an annual deductible of $283. After you meet the deductible, you typically pay 20% of the cost for most doctor services and equipment. Higher earners may pay more for Part B based on income. Part C (Medicare Advantage) and Part D (drug coverage) costs vary by plan.

Original Medicare is run by the federal government and includes Part A and Part B. It lets you see any doctor that accepts Medicare, but it doesn't cover everything, things like prescription drugs, dental, vision, and hearing usually aren't included. Medicare Advantage (Part C) is offered by private insurers and bundles Parts A, B, and often D into one plan, frequently adding extras like dental or vision. The tradeoff is that Advantage plans usually require you to use a network of doctors. Which is better depends on your health needs, budget, and preferred doctors.

Possibly. Original Medicare (Parts A and B) does not cover most prescription drugs, so you'd need a standalone Part D plan to get that coverage. Many Medicare Advantage plans include drug coverage already. One important thing to know: if you don't sign up for drug coverage when you're first eligible and go without it, you may face a late-enrollment penalty that gets added to your premium for as long as you have the plan.

Late penalties are real and they can be permanent, so this matters. For Part B, the penalty adds 10% to your monthly premium for every full 12-month period you delayed enrollment without other qualifying coverage and you generally keep paying it for as long as you have Medicare. There's a separate penalty for Part D drug coverage too. The good news: if you're still working and have coverage through your job (or your spouse's), you may qualify for a Special Enrollment Period that lets you delay without penalty.

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