Starting October 15th and ending December 7th, [1] Medicare Open Enrollment will let first-time users enroll or let subscribers make changes to their plans. This is the only time of year when seniors can change their Medicare plans and coverage, so it’s crucial to review your expenses, coverage, and options beforehand. To aid you in your research and decision, we’ve prepared an article that covers the essential things everyone should know about Medicare and the open enrollment period.
Who Can Get Medicare?
Medicare coverage starts after your 65th birthday, but younger users with disabilities and certain conditions may also qualify. [2] Even so, Part A is always free, but a monthly premium is necessary for all the other Medicare parts.
What Is Covered by Medicare?
There are four parts to Medicare coverage that differ in the benefits they offer. It’s crucial that you consider your needs and what each part offers before signing up. Here are the four different Medicare parts:
Part A
Medicare Part A covers stays at critical-access and mental health hospitals with inpatient care, a semi-private room, nurses, meals, and medications. This plan’s coverage also includes skilled nursing facilities and sometimes home care. Part A home healthcare coverage also includes medical social services and physical therapy. Luckily, most people are eligible for Part A Medicare coverage as soon as they turn 65.
Part B
Medicare Part B covers medical services and supplies for a variety of conditions and includes preventive care, ambulances, outpatient care, and prescription medical equipment. Moreover, there’s coverage for rehabilitation and home health service. Those who qualify for Part A are also eligible for Part B, but they have to pay a fee that is taken from your Social Security benefits payment each month. Furthremore, you might be eligible for Part B coverage even if you can’t qualify for Part A.
Part D
Medicare Part D can be added during open enrollment and it gives you prescription drug coverage that isn’t covered through Parts A and B. This is an optional part that you can obtain with a Medicare Advantage plan covering A and B parts or by finding a Part D prescription drug plan for your area.
Part G
Medicare Part G or Medigap plans are like the older Part F and C plans that are now available only for those who sign-up before January 1st, 2020. Part G users pay a fee each month and private insurance companies handle their plans, while the administration is done through HMOs (health maintenance organizations) and PPOs (preferred provider organizations). The good news is that Part G plans have just as much coverage as original Parts A and B, with added bonus coverage on top.
Changing Medicare Coverage
During open enrollment, you can change original Medicare Parts A and B by contacting the federal government. On the other hand, a private insurance company can help you sing up for a supplemental or Part G plan. If you want to cancel Medicare or switch from a private to Medicare plan, you should contact your current insurance company and explain your situation to a representative who will then take the case over and handle everything for you.
Considering Supplemental Health Insurance
While Medicare is excellent in many cases, it doesn’t cover all costs and medical needs. For full coverage and peace of mind, a supplemental policy from a private insurance company is your best option. That way, you can get a cap on out-of-pocket expenses that go beyond Medicare coverage. This means you’ll know in advance the maximum amount you’ll have to pay out-of-pocket and won’t be saddled with a large medical bill when you’re most vulnerable.
Don’t Forget These Enrollment Dates
Medicare open enrollment lasts from October 15th to December 7th and lets you change plans and add or remove Part D plans. Those who miss this period can leave Medigap and switch to Medicare from January 1st to February 14th. If you need a Part D prescription drug plan, you can add it up until February 14th. If you missed signing up for Medicare when you first qualified, there’s a potential penalty, but you can sign up from January 1st to March 31st.
[1]https://www.medicare.gov/index
[2]https://www.hhs.gov/answers/medicare-and-medicaid/who-is-elibible-for-medicare/index.html
