Medicare has been a lifeline for retirees since 1965, and now it’s time to gear up for the Medicare Open Enrollment period. From October 15 to December 7, you have the opportunity to update or completely change your Medicare coverage for the coming year. It’s like a fresh start for your healthcare needs!
What can you do during Medicare Open Enrollment?
During the annual Medicare Open Enrollment period, you have the power to modify or change your coverage for the following year. From October 15 to December 17, you can:
- Join a Medicare Advantage plan or switch to a different one.
- Move from original Medicare to a Medicare Advantage plan or vice versa.
- Change Medicare Part D drug plans or join one.
What can’t you do during Medicare Open Enrollment?
It’s important to note that the Medicare Open Enrollment period is only for those who are already enrolled in the program. If you want to join Medicare, you have your own initial enrollment period. This seven-month window surrounds your 65th birthday. However, if you’re already receiving Social Security retirement benefits when you turn 65, you don’t have to do anything to join original Medicare. The government will automatically enroll you.
Now let’s dive into what’s available during Medicare Open Enrollment!
Original Medicare
Original Medicare consists of Part A, which covers hospital insurance, and Part B, which covers medical insurance. All Medicare recipients must enroll in parts A and B and pay the Part B premium. For those currently enrolled in a Medicare Advantage plan, one option is to switch to original Medicare during the Open Enrollment period. Keep in mind that if you already have hospitalization coverage through your employer or your spouse’s plan, you don’t need to enroll in Part B.
Medicare Advantage
Medicare Advantage, also known as “Part C,” offers plans through private insurers with the benefits of parts A and B from original Medicare, along with added drug coverage. Some Advantage plans even provide extra perks such as dental and vision coverage, which original Medicare doesn’t include.
Medicare Part D
Medicare Part D is prescription drug coverage and is mandatory for all Medicare participants. Failing to have drug coverage will result in a recurring penalty, so be sure to enroll in a Part D plan. If you’re already covered by an employer prescription drug plan or other qualifying plans like TRICARE or VA, you may not need to enroll in Part D. Just make sure you have creditable prescription drug coverage to avoid penalties.
Medicare Supplemental Insurance
Medicare supplement plans, also known as “Medigap plans,” are offered by private insurers to cover some or all of Medicare’s coinsurance and deductible costs. These plans are only available with original Medicare, not Medicare Advantage. If you enroll within six months of being eligible for Medicare Part B, you can’t be rejected or charged extra due to a health condition. However, if you switch plans later on, there may be fewer protections, depending on your state.
With all these options, you may be wondering how to pick the best coverage for you. Let’s find out!
How to pick the best coverage
Choosing the right Medicare coverage involves considering a few key factors:
Plan Cost
Review the cost of your current plan during the Open Enrollment period. For Medicare Advantage plans, this includes premiums and annual out-of-pocket limits. For original Medicare, consider the cost of a drug plan and potential expenses for a Medigap supplemental policy. If you notice a significant cost increase for 2024, it’s worth exploring other options.
Plan Coverage
Medicare Advantage plans typically have networks of approved doctors, hospitals, and providers. Using out-of-network providers can result in higher costs. If your plan’s network has changed or doesn’t cover the providers you need, it may be time to consider other Advantage plans or even switch to original Medicare, which has a broader coverage network.
Changes in Your Health
If your health situation has changed in the past year and your current Advantage plan doesn’t cover the doctors or providers you require, it might be wise to explore other options. Similarly, changes in your health may impact the prescription medicines prescribed by your doctors. This could prompt you to switch Advantage plans or seek out a different Part D drug plan if you’re using original Medicare.
Now let’s talk about the best Medicare Advantage plans!
Best Medicare Advantage plans
The best Medicare Advantage plan is the one that aligns closely with your needs. Each plan has its differences, so evaluating the benefits of each option is crucial. Start by comparing Advantage plan types on the Medicare.gov website. You can also find various comparisons of Advantage plans online, including on the Medicare website. Some popular healthcare companies offering these plans include United Healthcare, Aetna, Cigna, Humana, Kaiser Permanente, Elevance Health, WellCare Health Plans, Blue Cross Blue Shield, and Anthem.
And here are some important dates to remember for Medicare Open Enrollment:
| Medicare Open Enrollment | Oct. 15 to Dec. 7 | Existing Medicare enrollees can make changes to their coverage for the following year. |
| Medicare changes start | Jan. 1 | Changes made during Open Enrollment take effect. |
| Medicare Advantage Open Enrollment | Jan. 1 to March 31 | Enrollees in Medicare Advantage plans can make changes to their coverage. |
Let’s delve deeper into Medicare coverage!
More on Medicare coverage
How to enroll in original Medicare (Part A and Part B)
If you claim your Social Security benefits or receive Railroad Retirement Board benefits by the time you turn 65, you will be automatically enrolled in Medicare Parts A and B. The same applies if you’re receiving disability benefits from these sources. If you’re not receiving Social Security benefits when you turn 65, you have an initial enrollment period that starts three months before your birth month and ends three months after it. You can enroll in Medicare Parts A and B through Social Security or the Medicare website. Note that if you’re covered by a qualifying employer health insurance plan or another eligible source, you can delay enrollment until you’re no longer covered.
How to enroll in Medicare Part D coverage
Medicare Part D consists of prescription drug plans offered by private insurance companies. If you’re enrolled in original Medicare and have coverage under parts A and B, you must have drug coverage, which you can obtain with a Part D plan. Alternatively, you can get prescription drug coverage through a Medicare Advantage plan, as most of them include it. Make sure you have creditable prescription drug coverage to avoid penalties. If you’re still covered by an employer prescription drug plan, TRICARE, or VA, you may not need to enroll in Part D. Confirm with Medicare that you have creditable prescription drug coverage.
How to enroll in Medicare Supplement (Medigap)
Medicare Supplement, or Medigap, coverage takes care of some or all of the out-of-pocket costs arising from co-pays, deductibles, and other expenses not covered by original Medicare. Medigap is available only with original Medicare, not Medicare Advantage. If you have insurance coverage through an employer, retiree medical coverage, or TRICARE, they may cover some or all of the gaps in original Medicare. Otherwise, a Medigap policy can help cover the coinsurance associated with original Medicare. Medigap is issued by private insurers, and if purchased within six months of being eligible for Medicare Part B, there is a guaranteed-issue provision with no penalty for any health condition. After that period, insurers may charge a higher premium or even deny coverage, so keep this in mind if you plan to switch from original Medicare to a Medicare Advantage plan or vice versa.
How to enroll in Medicare Advantage (Medicare Part C)
To enroll in a Medicare Advantage plan (Part C), you generally need to be enrolled in parts A and B. You can enroll during your initial enrollment period, the annual Open Enrollment period, or certain special enrollment periods. If you’re already enrolled in an Advantage plan, you can change to another one during the Medicare Advantage Open Enrollment period. There are several enrollment options available: online enrollment on the plan’s website, working with a trusted insurance agent specializing in Medicare Advantage plans, contacting the plan directly, or reaching out to Medicare at 800-633-4227.
TIME Stamp: The Medicare Open Enrollment period is the time to review your coverage and implement any changes
The annual Medicare Open Enrollment period is the perfect opportunity to assess your Medicare coverage. Whether you use original Medicare or Medicare Advantage, take this time to evaluate your current plan and determine if any adjustments are necessary. Consider options like getting Part D drug coverage, switching plans, or adding Medigap coverage. Keep in mind that healthcare expenses can significantly impact retirees, so ensuring your coverage matches your needs is essential.
That’s a wrap on Medicare Open Enrollment 2024! Remember, it’s your chance to make the most of your Medicare coverage. Stay informed and make educated decisions for your health and financial well-being.
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