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Navigating Medicare Open Enrollment

The fall season means the launch of Medicare open enrollment, which begins on October 15th and continues through December 7th. During this enrollment cycle you may also switch from one Medicare Advantage Plan to another, or from one Medicare Part D (prescription) to an alternative provider. Medicare is health insurance for people age 65 or older, under age 65 with certain disabilities and any age with end-stage renal disease (ESRD) which is permanent kidney failure requiring dialysis or a kidney transplant.
 
It is important to note that there are Four Parts of Medicare:
Part A Hospital Insurance
You must meet a deductible with this program. If you have a Medicare supplement policy, it will cover the deductible.
Part B Medical Insurance that covers medical services and supplies to treat a health condition. There is a cost - 80/20 split on this program.
Part C Medicare Advantage insurance programs administered by private insurance companies.
Part D Prescription Drug Plan an optional coverage to everyone that has Medicare. 
 
Medicare Supplemental Insurance policies are used to cover extras and deductibles not covered by the Medicare programs.
 
It is important to know that you must obtain Medicare three months before the month you turn 65 and enrollment extends three months past the month you turn age 65. If you do not apply for Medicare after your 65th birthday you will be penalized.
 
Avoiding Scams- It’s Critical
Unfortunately, there are many individuals using Medicare as a money-making scam, or those who do not provide the best options for you as an individual. In order to minimize confusion and avoid mishaps, do not answer unsolicited phone calls or letters about Medicare. The safest way to acquire the coverage you need is through a licensed insurance broker who will review your current policy, discuss your health history, medications and then make appropriate recommendations. If you don’t know an insurance broker, please contact Elderwerks Educational Services at (855) 462-0100, we’re glad to help you stay safe and healthy.

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