Medicare Supplements
Medicare Supplement Insurance policies can be purchased at any time of the year and complement your Original Medicare Parts A and B. They cover some, if not all, of the expenses that Part A and B do not cover, like co-pays, deductibles and other charges.
There are many different types of Medicare Supplement policies available, however they are regulated so the benefits for these various policies (known as Plan A through N), are all the same regardless of the carrier. However, premiums can vary greatly among carriers.
Note that while Medicare Supplements can be purchased any time of the year, if you purchase a plan during Medicare open enrollment (October 15th to Dec 7th) you can avoid the medical underwriting process.
Medicare Advantage
You must have original Medicare Parts A & B to buy Medicare Advantage, and plans can only be purchased during the Annual Open Enrollment period of October 15th to Dec 7th of each year. Medicare Advantage plans are offered by private carriers and replace your original Medicare Parts A and B, as they are rolled into one plan. You can select between an HMO or PPO, and most plans may cover more of your healthcare costs and have additional benefits, such as prescription drug coverage. Some may have dental or vision benefits. Premiums vary based on coverage, carrier and geographical location.
Ultimately, the best Medicare plan is one that is purchased from a quality carrier, has a low premium and leaves you with the least or no out-of-pocket expenses.
Medicare Part D Plans
Prescription drug coverage offered by private carriers contract with Medicare. Because premiums vary greatly, you should carefully weigh your prescription costs against all variables of these plans. Selecting the wrong plan can wind up costing you thousands. Some Medicare Advantage plans may offer prescription coverage as well.
When do you become eligible for Medicare?
Medicare annual open enrollment is October 15th through December 7th every year.
To sign up for original Medicare Parts A & B, along with Part D, most people will have an Initial Enrollment Period which is a 7 month period around the time they turn age 65. This period begins 3 months before the month you turn 65, includes the month you turn 65, and ends 3 months after the month you turn 65.
Once your Initial Enrollment Period is over, if you wish to change or purchase Advantage or Part D Plans, you must act during the open enrollment period.
NOTICE: Once you are eligible for Medicare, do not wait to enroll in a Medicare Part D Plan or you could end up paying a penalty every month.
What if you miss open enrollment?
Once enrolled in Medicare, if you wish to change or purchase Medicare plans you must act during the open enrollment period.
When open enrollment is closed, there are special circumstances in which one may qualify to enroll outside of the enrollment period. Listed below are the qualifying events:
- You are turning 65
- You move to a new area that is not in your current plan’s service area
- Recently moved back to the US
- You lose your current coverage (either Group or Medicaid)
- You now need a SNP (Special Needs Plan) or you no longer need a SNP
