Medicare Changes: What You Need to Know Before the Deadline
Medicare's open enrollment period is here, and it's crucial to understand your options. This period, which runs from October 15 to December 7, is your chance to switch or change your Medicare plan. It's important to note that the deadline is firm, even if it falls on a weekend.
Key Actions During Open Enrollment
- Switch your Medicare Advantage plan
- Change your drug plan
- Switch between Original Medicare and Medicare Advantage
If you switch to Original Medicare, you might need to add a separate drug plan or Medigap insurance.
Initial Enrollment Period vs. Open Enrollment
Medicare's Initial Enrollment Period is different. This is when you first sign up for Medicare, and it starts three months before your 65th birthday and ends three months after.
Applying for Medicare
To apply for Medicare, you'll need:
- Proof of age
- U.S. citizenship or legal residency
- Employment records
- Marriage, divorce, military service, or past Social Security benefit claims
Understanding Medicare Parts
Medicare has different parts:
- Original Medicare (Part A & Part B)
- Part A: Covers inpatient care
- Part B: Covers outpatient care and preventive services
- Medigap, Medicare Advantage (Part C), and Part D are offered by private insurance companies and provide additional coverage.
Key Differences: Original Medicare vs. Medicare Advantage
- Original Medicare allows you to choose any provider that accepts Medicare.
- Medicare Advantage limits you to providers within the insurance company's network.
Medicare Part D and the Coverage Gap
When selecting a Medicare Part D plan, be aware of the coverage gap, or "donut hole." In this gap, you'll pay more for your prescriptions until you reach a certain spending limit.
