Medicare
Insurance
Medicare Supplement, Medicare Advantage & Part D (Prescription)
For Individuals 65 years old and over.
Medicare Open Enrollment Period (AEP) – Oct. 15 – Dec. 7.
Medicare Open Enrollment Period (AEP) is when you can change your Medicare Advantage Plan or prescription Part D coverage without penalties. During the rest of the year you need to be eligible for a Special Election Period (SEP) to make these changes.
Generally, Medicare is available for people age 65 or older, younger people with certain disabilities & people with End Stage Renal Disease (ESRD) (permanent kidney failure requiring dialysis or transplant).
Medicare Part A (hospital insurance) covers inpatient hospital care, skilled nursing facility, lab tests, surgery, home health care, hospice.
Medicare Part B (Medical Insurance) coverage includes doctor and other health care providers’ services and outpatient care.
Medicare Part D covers prescription drugs. Before purchasing it’s a good idea to review the drug formulary (list of covered medications) to make sure your medications are covered.
Note: Don’t go 63 days in a row without a Part D plan or other credible coverage. You will have to pay a late enrollment fee.
Medicare Supplement Insurance, also known as a Medigap policy, helps fill “gaps” in Original Medicare and is sold by private companies.
Medicare Advantage Plans, sometimes called “Part C” or “MA Plans,” are an “all in one” alternative to Original Medicare. They are offered by private insurance companies approved by Medicare. If you join a Medicare Advantage Plan, you still have Medicare. These Medicare Advantage “bundled” plans include Medicare Part A (Hospital Insurance) & Medicare Part B (Medical Insurance), & usually Medicare prescription drug (Part D)