The annual Medicare open-enrollment period is Oct. 15 through Dec. 7. When you turn 65, you have three months before your birthday, your birthday month and three months after to register. If you are older than 65 and have been on Medicare for several years, it is still important to review your options during the open-enrollment period to make sure you have the healthcare coverage you need.
If you are unfamiliar with Medicare, it can seem complicated. Medicare plans are broken into four parts:
•Part A: hospitalization coverage, including skilled nursing, hospice and some home health care
•Part B: doctor visits and outpatient services coverage, including preventive care
•Part C (Medicare Advantage): private plan that provides alternatives to A and B
•Part D: prescription drug coverage
The first decision to make is to determine if you want traditional Medicare coverage (Parts A, B & D) or a Medicare Advantage Plan (Part C). While Part C usually has lower premiums, the physician and hospital choices are part of a network, which means that you have a group of physicians to choose from. Both options have deductibles and copays. Some Medicare Advantage plans cover vision, dental and hearing care, but traditional Medicare does not.
Since traditional Medicare does not cover everything, some people choose to buy a separate policy to ensure that everything is covered. A Medigap insurance policy can be purchased from a private insurance company. You also can use this policy to cover Medicare expenses. There are 10 types of Medigap policies and the costs vary.
When you switch your healthcare coverage, be sure to choose a physician you are comfortable with.
