Most Americans who turn 65 are eligible for Medicare insurance through the federal Medicare program, which covers many health expenses for seniors. But the program is complicated. Here are 5 important facts you need to know:

First – Medicare insurance has various costs associated with it. Of the 4 parts, Part A – Hospital Insurance – is generally premium-free for most people, but not everyone. Some people may have costs associated with their Part A. Parts B, C and D have premiums that vary.

Second – Enrollment is not automatic – you have to sign up for Medicare program benefits. The exception is for those already receiving Social Security benefits. If you’re already receiving Social Security benefits, you will automatically receive Medicare insurance Parts A and B – also called Original Medicare.

Third – Late enrollment can mean expensive, and permanent, premium penalties. You have 7 months, starting 3 months before your 65th birthday month, to sign up penalty-free.

Fourth – Original Medicare covers a lot, but not everything. Services like long-term care, dental and vision care are not covered. People often purchase additional private coverage for these types of services.

And fifth, if you’re in a higher tax bracket, you’ll pay more. High-income seniors pay surcharges on premiums for both Parts B and D.

Let us help you with your important Medicare insurance decisions. Call to speak to a licensed insurance agent.