Choosing a Medicare Plan
How Do Enrollment Periods Impact My Choices?
Your first chance comes during the Initial Enrollment Period. This is a seven-month window spanning from three months before you turn 65, to three months after the month you turn 65. You can enroll in any form of Medicare.
If you miss this period, the General Enrollment Period is your next opportunity. This begins on January 1 and ends on March 31. You can only join Original Medicare, which consists of Medicare Part A and B.
Once enrolled in Medicare, the Annual Enrollment Period gives you the widest range of options. It lasts from October 15 to December 7. You can join, switch, or drop plans – including Part C (known as Medicare Advantage) and Part D.
What Choices Do I Have?
Medicare presents policyholders with four policy types known as Parts:
- Part A – Inpatient
- Part B – Outpatient
- Part C – Inpatient and outpatient (some also include drug coverage)
- Part D – Drug coverage
What Are the Benefits and Limits?
With Original Medicare, your benefits are:
- Nationwide coverage
- $1484 coinsurance for hospital stays of 60 days or fewer
- 80% of Medicare-approved services covered
- Ability to add a Medicare Supplement plan to reduce out-of-pocket costs even further
- Can be enrolled in another health insurance policy such as employer insurance, without conflicts in coverage
- Your plan will find you the lowest cost for your prescriptions. If your medication isn’t covered, you can get prescribed a similar drug that is in the plan, or your prescribing physician can file an appeal to have your medication added to your formulary
- You can have it alongside other coverage (however, it is a good idea to contact your benefits coordinator if you have employer insurance)
Original Medicare, however, doesn’t cover dental, vision, and hearing.
Medicare Advantage benefits include:
- All coverage benefits of Original Medicare, plus extra coverage such as dental, vision, and hearing
- A variety of plans that focus on specific needs and payment preferences
Medicare Advantage restricts coverage to a network. You cannot enroll in a Medicare Supplement plan, and you will need to drop your current health coverage if you wish to get it.
As for Part D:
- Your plan will find you the lowest cost for your prescriptions. If your medication isn’t covered, you can get prescribed a similar drug that is in the plan
- You can have it alongside other coverage (however, it is a good idea to contact your benefits coordinator if you have employer insurance)
Part D formularies change each year, so you may have to switch to a different plan if your medication won’t be covered anymore.
We Make Medicare Easy
ReLion Insurance Solutions is here to assist you with making the right choice. We make choosing a Medicare plan easier than ever, as we work with you to get you a policy that fits your needs at the lowest cost. Call us today at 858-999-2858 to learn more!
