According to AARP, 20 percent of the United States population will be 65 or older by 2030. If you are about to turn 65 or are over 65 and looking to change from your current healthcare plan, it is now time to consider enrolling in a Medicare Plan. Delaying your enrollment could result in penalties, so it is essential to enroll sooner than later. There are a few options available to you when signing up for Medicare. However, selecting the right plan can be challenging, so here is an overview. What is Medicare? Medicare is the United States’ health insurance program for those aged 65 or older, some people under age 65 with disabilities, and anyone who has permanent kidney failure. Medicare provides basic protection against the cost of health care, but it doesn’t cover all medical expenses or the cost of most long-term care. What are my plan options? Medicare consists of four parts that cover different medical needs. There are two main options for Medicare coverage: Original Medicare (Parts A and B) and Medicare Advantage (Part C). In addition, Medicare prescription drug coverage (Part D) is available as an add-on option. When deciding on your plan, it’s essential to understand what each plan covers before enrolling.
- Medicare Part A assists with payment for inpatient care in hospitals and skilled nursing facilities (following a hospital stay), plus some home health care services and hospice care. You receive Part A automatically when you enroll in Medicare. For most, there is no monthly cost, but there is a $1,566 deductible in 2022.
- Medicare Part B helps pay for doctors’ services and other medical services, plus supplies that Part A may not cover. These include but are not limited to laboratory tests, outpatient hospital services, blood tests, cancer treatment, and preventive care services. If you have “creditable coverage” from your employer or spouse’s employer, you’re not required to enroll in Part B.
- Better known as Medicare Advantage, Medicare Part C combines Original Medicare (Part A and Part B), a prescription drug plan (Part D), plus additional services offered by the insurer such as doctor visits, preventive care, dental, vision, hearing, and fitness memberships. Medicare-approved private insurance companies administer Part C plans.
- Medicare Part D provides prescription drug coverage. Private insurance companies also administer these prescription drug plans. Part D is optional and is usually included in a Medicare Advantage plan.
How do I enroll in a Medicare Plan? There are designated times during the year when you can enroll or change your Medicare Plan.
- If you’re enrolling in Medicare for the first time, you can select any Medicare plan during your Initial Enrollment Period.
- You can join, change, or disenroll from your Medicare plan during the annual Open Enrollment Period (October 15 – December 7).
- In 2019, Medicare introduced a new Open Enrolment Period (January 1-March 31) that allows you to switch Medicare Plans.
Have questions about Medicare? Bleu Sky’s Insurance Solutions is passionate about ensuring that people are empowered and educated on the resources available to them. Our mission is to help, resolve, and relieve our customers – one person at a time. Our services include Medicare Advantage Plans, Prescription Drug Plans, and Medicare Supplemental Plans. You deserve the maximum benefits available to you. Call Bleu Sky’sSky’s Insurance Solutions at 813-360-1884 to schedule a free consultation today! Sources: https://www.medicare.gov/what-medicare-covers/your-medicare-coverage-choices/whats-medicare https://www.ssa.gov/pubs/EN-05-10043.pdf https://www.medicareinteractive.org/get-answers/medicare-basics/medicare-overview/introduction-to-medicare
