📘 Medicare Basics
Medicare made simple.
Turning 65 (or already on Medicare)? This page breaks down the basics — what the parts mean, when to enroll, and how to avoid costly mistakes.
Local help in Southwest Florida · Hablamos español
Important: Collazo Financial Group is not affiliated with or endorsed by Medicare, the Centers for Medicare & Medicaid Services (CMS), or any government agency. We do not offer every plan available in your area. Please contact Medicare.gov, 1-800-MEDICARE (1-800-633-4227), TTY users: 1-877-486-2048, 24 hours a day/7 days a week, or your local State Health Insurance Program (SHIP) to get information on all of your options.
The Four Parts of Medicare
Medicare is a federal health insurance program. The "parts" are just different categories of coverage.
Part A (Hospital Insurance)
- Covers inpatient hospital stays, skilled nursing care, hospice, and some home health care.
- Most people pay no monthly premium for Part A if they or their spouse paid Medicare taxes while working.
Part B (Medical Insurance)
- Covers outpatient care, doctor visits, preventive services, and medical equipment.
- Part B requires a standard monthly premium that can be deducted from your Social Security check.
Part C (Medicare Advantage)
- An all-in-one alternative to Original Medicare, offered by private companies.
- These plans bundle Part A and Part B, and almost always include Part D.
- They often provide extra benefits like vision, dental, and hearing.
Part D (Prescription Drug Coverage)
- Adds drug coverage to Original Medicare.
- These standalone plans are run by private insurance companies approved by the federal government.
When can you enroll?
Timing matters. Missing a window can mean delays in coverage — and sometimes penalties.
Initial Enrollment Period (IEP)
A 7-month window around your 65th birthday (3 months before, your birthday month, and 3 months after).
Annual Enrollment Period (AEP)
October 15 - December 7. Review and change Medicare Advantage and Part D plans for the next year.
Special Enrollment Period (SEP)
Certain life events (moving, losing coverage, qualifying for Extra Help, etc.) can open a special window to enroll or change plans.
Common questions
The goal is clarity — not a headache.
Do I have to enroll at 65?
Not always. If you're still working and have credible employer coverage, you may be able to delay parts of Medicare. The right answer depends on your situation - we'll help you avoid late enrollment penalties.
Is Medicare free?
Part A is often $0 premium, but Part B has a premium for most people. Many plans also have copays, deductibles, and out-of-pocket limits.
What's the difference between Advantage and Supplement?
Medicare Advantage (Part C) is an all-in-one plan with networks and extra benefits. Medicare Supplement (Medigap) works with Original Medicare to help cover out-of-pocket costs and often offers broader provider access. We'll compare both based on your doctors, medications, and budget.
Questions? We're here to help.
We'll review your doctors, medications, and budget — then explain your options in plain language.
Gustavo M. Collazo · License #W266001 · Hablamos español
Collazo Financial Group is a licensed independent insurance agency. We are not connected with or endorsed by the U.S. government or the federal Medicare program. Medicare has neither reviewed nor endorsed this information. Plan availability varies by region. Benefits, premiums, and cost-sharing may change on January 1 of each year. You must continue to pay your Medicare Part B premium. Out-of-pocket costs vary by plan. Limitations and exclusions may apply.