There are more Medicare Enrollment Periods than you might think

There are more Medicare Enrollment Periods than you might think

Medicare’s Enrollment Periods Unlike the health insurance you may have had before turning 65, Medicare has multiple “enrollment periods.” Each of these windows is designed for people in a specific situation. You may be new to Medicare, changing residences or trying out an Advantage plan to see how you like it. There is likely to be a defined window, an “Enrollment Period,” for every situation that you encounter. Well-intended as they are, Medicare’s various enrollment periods can confuse many people. This can lead to missed deadlines, late-enrollment penalties, periods without any insurance coverage or paying higher premium rates to buy the policy you want. You can avoid Medicare snags by understanding the enrollment periods and knowing if you qualify for them. Below is a summary of the Medicare enrollment periods you may encounter.   The Initial Enrollment Period (IEP) Seniors who are enrolling in Medicare for the first time usually do so during their Initial Enrollment Period (see below for the exceptions). This seven-month window includes...
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What Does Medicare Part B NOT Cover?

What Does Medicare Part B NOT Cover?

Medicare has opened its Open Enrollment Period and will take place through December 7. Every year at this time, it is wise to reevaluate your Medicare coverage, making certain that it still suits your needs. Those needs can change, and insurance coverage should change with them. Many seniors reach Medicare age having few health problems, taking few medications, and requiring no special care at all. As they age, this situation may alter, so it is wise to think about health insurance needs. In 2020, The Kaiser Family Foundation (a non-profit organization that tracks healthcare issues) reported that 61 percent of all Medicare beneficiaries still preferred to remain on Original Medicare Parts A and B. This means that almost 39 million seniors were receiving Part B benefits that year. Medicare Parts A and B remain pillars of senior health care in the United States, and this coverage is well suited to many people.  However, while Part B is good insurance, it is...
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Making Wise Choices In Medicare Options

Making Wise Choices In Medicare Options

| Written by Dan Mangus | Trying to decide the best coverage option to complement Medicare can be difficult. Medicare can be delivered to you in two primary forms. One is Medicare Part C, also known as Medicare Advantage. Medicare Advantage plans are offered by Medicare-approved private companies that must follow the rules set by Medicare. Most Medicare Advantage Plans include drug coverage (Part D). These private companies file their plans each calendar year with the federal government (CMS), thus, all benefits are subject to change each year. There is an annual enrollment period that allows you to change plans if necessary. In 2021 the average county has over 40 Medicare advantage plan options available. The other option, which is the default Medicare option, is known as Original Medicare. Original Medicare is coverage managed by the federal government. You can add drug coverage by joining a Medicare drug plan (Part D). Many Medicare supplement options are available from private companies to help...
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These are the 5-Star Medicare Advantage Plans for 2021 in Florida

These are the 5-Star Medicare Advantage Plans for 2021 in Florida

If you are a Medicare patient, you have undoubtedly noticed a recent torrent of ads from Medicare insurance providers. This is an annual event, coinciding with Medicare’s Open Enrollment Period, which runs from October 15 to December 7 of each year. During this period, seniors can easily sign up for a new plan, switch plans or leave a plan. When the enrollment period ends, all of these options become more difficult, if they are available at all. During this time, seniors may enroll in a Medicare Advantage Plan if they have been enrolled in original Medicare (Parts A and B) or move from one Medicare Advantage Plan to another. These Medicare Advantage or “MA” plans are rapidly growing in popularity. In fact, enrollment in MA plans has doubled in the past decade, and the Congressional Budget Office predicts that nearly half of all Medicare beneficiaries will be in MA plans by 2029. There are good reasons for this trend. It has always...
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Plan now for the 2021 Medicare open enrollment period

Plan now for the 2021 Medicare open enrollment period

Medicare’s Open Enrollment Period (OEP) runs from October 15 to December 7 of each year. The choices made during that time become effective the following January 1, remaining in effect for the coming year. During the OEP, Medicare patients may make changes that can substantially affect the way they receive and pay for medical care. This topic can become confusing, even scary. The torrents of marketing material received, and the critical importance of this issue lead many seniors to freeze in place and do nothing. This is a mistake; nothing is more important to seniors than getting the very best out of Medicare. Each year, the Medicare OEP should be a time to reevaluate your personal situation and make an intelligent decision. Advertisements aimed at Medicare patients sometimes cloud this issue. The changes coming to Medicare in 2021 are not great, but this does not mean that seniors should let the enrollment period pass without considering their own circumstances. A senior’s personal...
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