The deadline to obtain Medicare is approaching quickly. December 7th is the final day to obtain a Medicare policy before the deadline.
Here are some facts you need to know before you enroll for a Medicare plan:
– Medicare is available for those ages 65 and older and those who have certain disabilities
– Those eligible for Social Security are eligible for Medicare
– There are four parts to Medicare- Part A, B, C, D
Parts A and B are provided by the federal government, while Parts C and D are offered by private insurance companies.
Primary Options
Medicare Part A (Original Medicare) is for hospital insurance and Part B is for medical insurance. Part D is for prescription drug coverage. Part A is also known as Original Medicare. Supplemental coverage is also available with this option.
Medicare Part C (Medicare Advantage) has bundled parts A, B and D. This can have lower out-of-pocket costs and most plans also offer hearing, dental, and vision coverage.
Important Note: If you’re already getting Social Security income benefits, you’ll automatically be enrolled in Part A. And you don’t need to activate Part B unless you’re retired.
Why the Annual Enrollment Period is Important
Those who already have Original Medicare can enroll in, change, or drop a Part D or Medicare Advantage plan during the Annual Election Period (AEP). Medicare AEP is from October 15 to December 7 every year.
If you missed your initial enrollment and don’t qualify for a special enrollment period, you can sign up for Part A and/or Part B during the General Enrollment Period (GEP). This window is from January 1 to March 31, and your coverage will be delayed until July 1.
If the deadline is missed, one may only be allowed to enroll in Part B Medicare and may have to pay a late enrollment surcharge.
Don’t miss your chance to get excellent Medicare coverage. Schedule an appointment with Katherine Phillips, a licensed HealthMarkets agent today. Also, check out her webpage for more information on Medicare enrollment at katherinephillipsinsurance.com.