My topic this week is Medicare. There probably are some things you don't know about it - and should.

Medicare is a medical insurance program for retired and disabled people run by the federal government.

Some people are covered by only one type of Medicare; others opt to pay extra for more coverage.

Understanding Medicare can save you money.

There are three parts to Medicare: Parts A, B, and D. Part A helps pay for inpatient hospital care, skilled nursing care and other services. Part B helps pay for doctors' fees, outpatient hospital visits and other medical services and supplies not covered by Part A. Part D is the Medicare Prescription Drug Program.

The Social Security office is asked the most questions about Medicare Part B, so following are some important facts.

Most people don't pay a premium for Part A because they have worked and paid enough in Medicare taxes on wages over the years. However, there is a monthly premium for Medicare Part B; in 2008 the standard premium is $96.40. Some high-income individuals pay more than the standard premium. Part B is a good value for people who need medical insurance, but you must enroll during your initial enrollment period or when you first become eligible (most people first become eligible for Medicare at age 65), otherwise you will pay a penalty in the form of a higher premium. There are exceptions to this rule. For example, you can delay your Medicare Part B enrollment without

Advertisement
having to pay higher premiums if you're covered under a group health plan based on your own current employment or the current employment of any family member.

If this situation applies to you, you can sign up for Medicare Part B without paying higher premiums:

Any month you are under a group health plan based on your own current employment or the current employment of any family member, or

Within eight months after your employment or group health plan coverage ends, whichever comes first.

If you are disabled and working (or you have coverage from a working family member), the same rules apply.

Remember: If you don't enroll in Medicare Part B when you first become eligible to apply and you don't fit into one of the above categories, you'll have to wait until the general enrollment period, which is Jan. 1 through March 31 of each year. At that time, you may have to pay a higher Medicare Part B premium.

For more information about Medicare Parts A, B, and D, visit www.medicare.gov, or call 1-800-MEDICARE (1-800-633-4227).

Reaching age 65 or full retirement age in 2008? - If you will turn 65 or reach full retirement age in 2008 and have not filed a Social Security or Medicare application, we can provide you with information that will be helpful in determining when to file an application. Mail us the following information:

- Your name.
- Social Security number.
- Estimated 2007 earnings.
- Estimated 2008 earnings.
- Complete mailing address.
- Telephone number (both home and work).
-Date of birth.
- If you plan to retire in 2008, month in which you would.
- Spouse's Social Security number.
- Spouse's date of birth.
- If spouse is deceased, give date of death.

Send it to: Your Social Security, Social Security Administration, 3885 Main St., 3rd Floor, Bridgeport CT 06606. Attn: A. Renzoni. Anthony Renzoni is district manager of the Bridgeport office of the Social Security Administration.

His column appears every Monday.