Medicare Basics Recap

Enrollment.

Most people qualify for Medicare when they turn 65. Medicare’s Initial Enrollment Period (IEP) is a seven-month window which starts three months before your 65th birthday month, includes your birthday month, and continues for three months after. Signing up early ensures your coverage will start right on time. Waiting until your birthday month or later could delay your benefits, so mark your calendar!

 

If you’re already enrolled in Medicare, you can make changes during the Annual Enrollment Period (AEP) Oct 15 through Dec 7. For those with Medicare Advantage Plans, the next opportunity for changing their carrier, coverage, or plan is the Open Enrollment Period (OEP) Jan 01 through Mar 31.

 

Penalties.

Medicare late enrollment penalties can be assessed for life and add up quickly. Know the deadlines and requirements — speaking with an agent can help.

 

Should I do a Review?

By all means. While some may not need to, annually reviewing your plan with an experienced agent will ensure you continue to enjoy coverage that is best suited to meet your needs, including preferred physicians and types of care, premium and out of pocket costs, deductibles, and benefits.

 

The Parts of Medicare

 

Part A: Hospital Insurance

• Inpatient hospital stays, skilled nursing facility care
• Hospice; some home health care

 

Part B: Medical Insurance

• Doctor visits, preventive care
• Outpatient care; durable medical equipment

 

Together, Parts A and B are known as “Original Medicare.”

 

Part C: Medicare Advantage.

The same coverage as Medicare Parts A and B and often also prescription drug coverage (Part D) and possibly dental, vision, hearing care and more.

 

Part D: Prescription Drug Coverage.

Cover specific medication formularies.

 

Help with Costs.

There are programs run by the state that can help lower your Medicare costs. Find out if you’re eligible for these programs, how to apply, and other ways to save on your Medicare coverage at medicare.gov.