Do You Know All Your Medicare Options? Enrollment Dates?

When Americans turn 65 years old, they have the option to enroll in Medicare. (People also may qualify for Medicare before 65 if they have certain disabilities.)

Basic Medicare includes Part A, which covers most of your basic inpatient hospital expenses, and Part B, which covers most of your basic medical expenses. Unfortunately, “most” does not mean “all.” The expenses that Medicare does not cover — sometimes referred to as “gaps” in coverage — are what Medicare Supplement Insurance, or Medigap policies, can help you with. Medigap is a private insurance plan designed to help cover medical expenses that Original Medicare does not cover, such as copayments, coinsurance and deductibles.

When Can You Sign up for Medicare Supplement Insurance?

You can sign up for Medigap insurance at any time. However, there are certain times when you’re guaranteed the right to buy a Medigap policy from any insurance company that is licensed in your state, regardless of your current level of health:

• During your Medigap Open Enrollment Period: This period lasts for six months and begins on the first day of the month in which you’re 65 (or older) AND enrolled in Medicare Part B
• When you have guaranteed issue rights: In most cases, you have a guaranteed issue right when your health care coverage changes in some way, such as when you are about to lose coverage under a group health insurance plan

If you apply for Medicare Supplement Insurance outside of the above timeframes, you likely will need to go through the medical underwriting process and answer extensive health questions. It is possible to be denied coverage based on the results of your medical exam. To learn more and to get help going through the process, call us today at (760) 264-4600 at no obligation.

What About a Pre-Existing Condition?

If you have a pre-existing condition, you buy a Medigap policy during your Medigap Open Enrollment Period and you’re replacing certain kinds of health coverage that count as “creditable coverage,” it’s possible to avoid or shorten waiting periods for pre-existing conditions.

If you have had at least six months of continuous prior creditable coverage, the Medigap insurance company can’t make you wait before it covers your pre-existing conditions. Many types of health care coverage may count as creditable coverage for Medigap policies, but they’ll count only if you didn’t have a break in coverage for more than 63 days. Your Medigap insurance company can tell you if your previous coverage will count as creditable coverage for this purpose.

Who Purchases Medicare Supplement Insurance?

It doesn’t matter whether you’re struggling to get by on a fixed income or are financially confident and enjoying your golden years — all retirees and pre-retirees with different financial situations could benefit from a Medicare Supplement Insurance policy.

Medicare provides standard coverage to every beneficiary, regardless of income. However, it does not provide 100 percent coverage of your medical costs. Therefore, the more vulnerable you are to the gaps in Medicare coverage, the more you could benefit from the protection of a Medigap policy.

Where Do I Purchase Medicare Supplement Insurance?

You could contact every agency on the internet by yourself and likely spend hours filling out the same online forms for quotes — or you could let us do all the busy work for you! We have access to a variety of insurance carriers and will compare multiple plans and prices with just one simple phone call to help you plan for your unique situation.

Important Fact: How to Save Money!

Medicare standardizes Medicare Supplement Plans. Medicare Supplement Plan benefits vary between the different plan options, but each plan offers identical benefits, no matter where you live or what company handles your policy. The only difference is in price between carriers.

Source: Medicare.gov. “How to Compare Medigap Policies.” https://www.medicare.gov/supplement-other-insurance/compare-medigap/compare-medigap.html. Accessed June 8, 2017.

There are two main ways to get your Medicare coverage: Original Medicare (Part A and Part B) or a Medicare Advantage Plan (Part C). Some people with Original Medicare also choose to get additional coverage, such as Medicare prescription drug coverage (Part D) or Medicare Supplement Insurance (Medigap).

Use these steps to help you decide what coverage you want:

Step 1: Decide if you want Original Medicare or a Medicare Advantage Plan (Iike an HMO or PPO)

• You can choose Original Medicare.
• You can choose a Medicare Advantage (MA) Plan.

Step 2: Decide if you want prescription drug coverage (Part D)

• Note: Medicare offers prescription drug coverage to everyone with Medicare. However, if you decide not to get Medicare drug coverage when you’re first eligible for it, you’ll likely pay a late enrollment penalty. To avoid this penalty, join a Medicare drug plan when you’re first eligible, don’t go 63 days or more in a row without a Medicare drug plan (or other creditable drug coverage) and tell your plan about any drug coverage you had.
• You chose Original Medicare in Step 1.
• You chose a Medicare Advantage (MA) Plan in Step 1.

Each year, you have a chance to make changes to your Medicare Advantage or Medicare prescription drug coverage for the following year. There are two separate enrollment periods each year:

• Open Enrollment Period for Medicare Advantage and Medicare prescription drug coverage.
• Medicare Advantage Disenrollment Period.

Step 3: Decide if you want supplemental coverage

• You chose Original Medicare in Step 1.
• You chose a Medicare Advantage (MA) Plan in Step 1.

Other options

• In addition to Original Medicare or an MA Plan, you may be able to join other types of Medicare health plans.
• You may be able to save money or have other choices if you have limited income and resources. Get help paying costs.
• You may also have other coverage, like employer or union, military, or veterans’ benefits. Learn about how Medicare works with other insurance.
• Resource: www.Medicare.gov
We are able to provide you with information but not guidance or advice related to Medicare. Our firm is not affiliated with the U.S. government or any governmental agency.