The various Medicare-related plans have distinct subscription times of the year at which you can apply for them. They have different enrollment periods where you can submit an enrollment for subscription. It can be a limited time of the year, so it is best to do some planning before that time comes. We will be discussing all the different Medicare-related plans and the enrollment timeframes associated with them. We are hoping to assist you find out the best time to sign up. As you approach your 60’s, it is good to start thinking about these Medicare Enrollment periods because they may be just in the corner ready to be accessed.
The Basic Medicare Enrollment
The basic Medicare plan, otherwise termed as the Original Medicare plan, is widely accessible the moment you turn 65 years of age. As soon as you sign up, you get coverage for both Medicare Part A and Part B. This pertains to services such as in-patient and out-patient care with some deductibles and copayments to pay. The basic Medicare Plan covers the cost for highly essential services for seniors.
Bear in mind though that there are circumstances where you can apply for Medicare Plan even before turning 65. If you have some disability or particular qualifying health condition, you may just be able to apply much earlier for Medicare Plan. If you are a confirmed case of such situation, you will be automatically signed up for Medicare. Often times the moment you hit 65, you will also be automatically signed up for Medicare, but in instances that you have not you can do so manually. Anyone applying after their eligibility period will have to pay a late fee unfortunately. This will be about 10% higher premium than what you would normally have to pay when you apply at the allocated period.
Medicare Supplement Plans 2021
Medicare Advantage Plan Enrollment
Medicare Advantage Plans are often termed as Medicare Part C. These sets of plans won’t cover you for Parts A and B, but it will include coverage for any emergency care related services or any other urgent health care services. Most instances those Part C covers allow support for prescription drug plans and a routine health checkup. It is truly a powerful plan that can go with your existing basic Medicare Plan. Generally, if you’re eligible for that Medicare Plan, you will also be qualified for Medicare Advantage Plan.
To take advantage of these kind of plans, be on the guard for the Open Enrollment period which starts at October 15th of the year until the 7th of December of that year. What is so special with this period? You are guaranteed approval, and it does not take into consideration any pre-existing health issues. Any rate that you find to be the most affordable will be your locked in rate and no questions asked. Once approved, the coverage starts every 1st of January the following year. This will be applicable for the whole year’ term which is exactly one full year.
Medicare Supplement Plans Enrollment
With these plans, you will have six months enrollment window which start three months before turning 65 and ends three months just after you turn 65. The usual criteria apply. You must be eligible for basic Medicare before you get qualified for this. Accessing these plans are possible through private insurance providers and rates will be variable depending on the provider you choose. Again, compare rates and quotes before settling with one plan. Another advantage with these supplement plans is you won’t get late charge if you apply at a later time outside of the Medicare enrollment period. The Supplemental Plans can cover for deductibles, copayments, co-insurance and other health expenses not covered by your Original Medicare. There are many types of Medicare Supplement Plans and each has its own unique sets of level of coverage and rates. Use our site to do further comparison, that way you get the best deal for your situation.
Medicare Part D Enrollment
Medicare Part D is otherwise termed as prescription drug coverage. This enables coverage for both generic and brand name drugs. This particular benefit can be included in Medicare Advantage Plan or can be a stand-alone plan from a private insurance provider. The part D coverage comes in a tiered structure. It has four tiers and it has a unique level of coverage. With generic drugs, you will receive most coverage for it and with brand name drugs, you get the least coverage. Take note that you will still have to pay for some portion of these medications, but all the important and most likely expensive drugs will be covered by Part D. This is extremely useful for seniors who are in a lot of drug maintenance regimen to sustain their health. When you reach 65 and are eligible for Medicare, you can also enroll in Part D. This particular plan is compatible with the majority of the health insurance plans, but you can never have a stand-alone Part D plan and another Medicare Advantage Plan in one go. This is simply because overlapping in function can happen and is not lawfully allowed.
More Things to Know When Enrolling in Medicare
The various Medicare plans are primarily created to give support to seniors. All the eligibility criteria, the enrollment periods, the rate, the plans and other information can sometimes be tricky to understand. Keep in mind we are just here if you need any form of assistance. Just give us a call any time and we would be happy to assist you and show you your options in a manner that you can fully understand.
If you happen to miss the allocated Medicare enrollment period, there will still be chances to apply and we will tell what your options are. As a rule, most health plans come in a one-year term. The moment that term is done, you’ll have to consider re enrolling again with the same plan or if you’re not happy, you can try another plan or another provider. Rates are changing, so compare plans and quotes before committing to a new plan. You can use our site when you need to and whenever you need to because it is free. Our tool can provide you with valuable information that will help you in your quest for a health care plan.