There are two times a year you can enroll for Medicare. The first is during open enrollment, which is from October 15th to December 7th. The other time is three-months before you turn 65.
Reaching eligibility for Medicare is a big milestone, but with different plans and options available, selecting the right coverage can feel overwhelming. Understanding all of the key details to consider when choosing your Medicare plan, so you can get the healthcare coverage that best fits your needs.
Understanding the Basics of Medicare
Medicare, the government-funded health insurance program for Americans aged 65 and over (or younger with certain disabilities), offers:
- Part A (Hospital Insurance). Covers inpatient hospital stays, skilled nursing facility care, hospice care, and some home healthcare.
- Part B (Medical Insurance). Covers doctor visits, outpatient care, some preventive services, and medical supplies.
- Part C (Medicare Advantage). Offered by private insurance companies, these plans combine Part A and Part B coverage into a single plan, often with additional benefits like vision, dental, or hearing coverage.
- Part D (Prescription Drug Coverage). Offered as a separate plan from either Original Medicare (Parts A & B) or a Medicare Advantage plan, Part D helps cover the cost of your prescription medications.
Choosing Your Plan: Key Considerations
Here are the factors to consider when making your plan selection:
- Your current health needs. Think about your current health status. If you have any ongoing medical conditions that require frequent doctor visits or medications, consider plans with strong coverage in those areas.
- Future health expectations. While it’s impossible to predict the future, consider your anticipated healthcare needs. If you’re planning a surgery or foresee needing more specialized care, choose a plan with robust coverage for those areas.
- Network of doctors and hospitals. Check if your preferred doctors and hospitals participate in the plan’s network. Out-of-network care can be much more expensive.
- Costs: Premiums, Deductibles, and Copays. Medicare plans have different costs. Compare monthly premiums, deductibles (the amount you pay before the plan starts covering costs), and copays (fixed amounts you pay for certain services), to find a balance between affordability and coverage.
Additional Considerations for Medicare Advantage Plans
- Extra benefits. Many Medicare Advantage plans offer appealing extras like vision, dental, or hearing coverage. Consider these perks if they’re important to you.
- Drug coverage. Not all Medicare Advantage plans include prescription drug coverage. If you take medications regularly, ensure the plan covers your prescriptions or choose a separate Part D plan.
Free Medicare Guidance from IDG Legal
We’ve partnered with Chapter – a group of preferred Medicare advisors to provide IDG members and their family with the most comprehensive Medicare guidance in America. Chapter Medicare Experts can help you understand Medicare options, sign up for or enroll in coverage, and ensure that you have a dedicated contact going forward to answer all questions if and as they arise year over year.
You can set up your free consultation by tapping below and scheduling a time or by calling (800) 658-0365.
