
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.