Don’t Miss Out on Medicare: Annual Enrollment
The United States government has made it easier than ever for citizens to enroll in Medicare. You can now sign up online, by phone, or even by mail! There are many options to choose from when you’re deciding which type of plan is best for you and your family. However, there are certain deadlines that must be met if you want coverage during the first year of enrollment. If you miss these dates then your coverage will start on January 1st following the next Annual Enrollment period.
As a Medicare beneficiary, it’s important to enroll in an appropriate Medicare Advantage Plan (MA) each time Annual Enrollment for Medicare comes around. This way, if anything changes in your life – like moving out of state – your health insurance will stay with you instead of ending before the end date on your plan.
Also, make sure to sign up for Medicare Supplement Insurance (also known as Medigap) right away. This covers what basic Medicare does not, like coinsurance and copayments.
Step one is deciding which type of plan you want: traditional or a private health insurance company’s MA plans? Traditional will cover more types of services than just the minimum required by law while an MA might have different coverage options that could cost less out-of-pocket expenses.
The next step would be finding out if your employer offers any retirement benefits with prescription drug coverage. Some employers offer this service through their own HR department without tax penalties and surcharges so check it out! If they do then there is no need to purchase separate Prescription Drug coverage.
If you’re retired, age 65 or older and not enrolled in a Medicare Advantage Plan (MA) then this is the time to do so! MA plans are an important part of your retirement because they will cover services that basic Medicare does not, like coinsurance and copayments. Your health insurance company might offer many different types of plans so check them out before deciding which one would be best for you. Again, it’s never too late to enroll during Open Enrollment even if it’s just for prescription drug coverage only!