As of October 15th, 2019, open enrollment has begun and it will end by December 7th of the same year. [1] Open enrollment is a one-time thing each year and the perfect opportunity for seniors to change their Medicare plans.
However, before you change anything, we suggest that you go over your existing coverage and add up all your medical expenses for the previous year. Then, consider what kind of coverage you will need in the next year so that you can get the most out of Medicare.
Do I Qualify for Medicare?
Anyone 65 or older automatically qualifies for Medicare or if you’ve been on disability (Social Security Disability Insurance or SSDI) for more than 24 months. [2]
What Are the Four Medicare Coverage Parts?
Medicare consists of four parts: A, B, C, and D. Each one covers different things. For starters, Medicare Part A is what most people over 65 get without having to pay anything upfront. Parts B, C, and D are either billed separately and come with a monthly premium and are usually optional. It might sound complicated at first, so let’s look at each part in more detail.
Medicare Part A – Basic Home Care and Hospitals
Medicare Part A is your basic health coverage. It covers nursing services, inpatient stays in hospitals, a semi-private room, meals, medications, and often nursing facilities and home care with physical therapy and medical social services.
Medicare Part B – Supplies, Prevention, Outpatient Care
Anyone that can get Medicare Part A can also get Part B. Part B covers ambulances, preventive and outpatient care, prescribed medical equipment, intermittent home care, and rehabilitation. Part B requires enrollment and monthly payments usually taken from Social Security checks. Lastly, you can be eligible for Part B if specific requirements are met, even if you don’t qualify for Part A.
Medicare Part C – A Good Replacement for Part A and B
Medicare Part C or Medicare Advantage offers much more coverage choice which is handled through private insurance companies and they come with a cap on out-of-pocket payments that Part A and B lack. Medicare Part C offers everything A plus B have along with options for dental, vision, and better prescription drug coverage.
Medicare Part D – Additional Prescription Coverage
Medicare Part D is optional and gives you prescription drug coverage not found in plans A and B. You can get Part D coverage by choosing a Medicare Advantage plan that has Parts A and B, or by finding a Part D plan in your area.
Changing Medicare Supplement Plans or Coverage
To put it simply, during the open enrollment, you can buy Part C from a private insurance company or plans A plus B from the federal government, and then figure you whether you need the additional Part D.
If you’re not a first-time user of Medicare and want to switch to Medicare from a private insurance plan or leave the program, you should contact your private insurance company.
What if I Miss Medicare Open Enrollment?
Those who miss open enrollment can leave Advantage plans or opt for original Medicare from January 1st to March 31st, 2020. You can also sign up for Part D during this period, but you might have to pay a penalty.
[1] https://www.medicareresources.org/faqs/when-is-the-next-medicare-open-enrollment-period/