The Money Maze

The Money Maze

Medicare and pre-existing conditions — what's covered from day one

Reviewed by the How To Help Your Elders editorial team | Updated March 2026 Medicare does not allow pre-existing condition exclusions, waiting periods, or surcharges based on health status. From the day your parent enrolls, every condition they have is covered. The specifics of that coverage, including which drugs are on

The Money Maze

Late enrollment penalties — the mistake that costs money forever

Reviewed by Sarah Chen, CFP Medicare late enrollment penalties are permanent. Your parent will pay 10 percent more in Part B premiums for every 12-month period they were eligible but did not enroll, and that penalty never goes away. According to CMS, hundreds of thousands of beneficiaries currently pay late

The Money Maze

Medicare enrollment periods — the windows that matter and the penalties for missing them

Reviewed by the How To Help Your Elders Team | Updated March 2026 Medicare enrollment runs on strict deadlines with permanent penalties for missing them. The Initial Enrollment Period is a seven-month window around your parent's 65th birthday. The Annual Enrollment Period runs October 15 through December 7 every

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Choosing a Medigap plan — the lettered plans decoded

Reviewed by Sarah Chen, CFP There are 10 standardized Medigap plan letters, but most people choose from just two or three. According to CMS, Plan G and Plan N are the most popular options for new enrollees because they offer strong coverage at reasonable premiums. The best time to buy

The Money Maze

Medigap plans — supplemental insurance that fills the holes

This article is for educational purposes only and does not constitute medical, legal, or financial advice. Every family situation is different, and you should consult with appropriate professionals about your specific circumstances. When you start learning about Medicare, everyone talks about Original Medicare, and then everyone mentions Medigap in the

The Money Maze

Original Medicare vs. Medicare Advantage — the choice that shapes everything

This article is for educational purposes only and does not constitute medical, legal, or financial advice. Every family situation is different, and you should consult with appropriate professionals about your specific circumstances. When your parent turns 65, Medicare becomes available, but here's what nobody tells you straight: it&

The Money Maze

Medicare Part D — prescription drug coverage and the coverage gap

This article is for educational purposes only and does not constitute medical, legal, or financial advice. Every family situation is different, and you should consult with appropriate professionals about your specific circumstances. Medicare Part D — Prescription Drug Coverage and the Coverage Gap My neighbor's mother takes five medications

The Money Maze

Medicare Part C — Medicare Advantage plans and the trade-offs nobody explains

Reviewed by the How To Help Your Elders Team | Updated March 2026 Medicare Advantage (Part C) is private insurance that replaces Original Medicare, bundling hospital, doctor, and usually prescription coverage with extras like dental and vision. The trade-off is network restrictions, referral requirements, and prior authorization rules. According to KFF,

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Medicare Part A — hospital coverage and what it actually pays for

Reviewed by the How To Help Your Elders Team | Updated March 2026 Medicare Part A covers inpatient hospital stays, skilled nursing facility care after a qualifying hospital stay, home health services, and hospice. Most people pay no monthly premium for Part A, but there are deductibles and daily copays that

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Medicare Part B — outpatient coverage and the monthly premium reality

Reviewed by the How To Help Your Elders Team | Updated March 2026 Medicare Part B covers doctor visits, specialists, lab tests, imaging, preventive care, durable medical equipment, and mental health services. The standard monthly premium is approximately $185 in 2025, with higher-income earners paying more through IRMAA. After the annual

The Money Maze

Medicare explained — what it is, who qualifies, and when to enroll

Reviewed by the How To Help Your Elders Team | Updated March 2026 Medicare is federal health insurance for people 65 and older, funded by payroll taxes and government subsidies. It has four parts covering hospitals, doctors, private plan alternatives, and prescriptions. Enrollment centers on a seven-month window around the 65th