15 Oct Medicare Enrollment 101
Medicare Enrollment 101
Our healthcare system is complicated, so we wanted to round up many frequently asked questions about Medicare and what the enrollment process is like, so you never have to search for answers again.
First and foremost, let’s clarify WHEN you are eligible to enroll for Medicare.
Right now, we are in the Annual Election Period, which happens every year from October 15 through December 7. The significant part about this time of the year is that you have the option to evaluate your medicare benefits and change, switch, drop or add Part C (additional services) and Part D (prescription coverage).
Yay, you’re 65! Now you are eligible to enroll for Medicare; you have a seven-month window to apply that begins three months before your 65th birthday, includes the month of your 65th birthday, and lasts three months after your 65th birthday.
During the seven month window, you have the opportunity to sign up for both Medicare Part A and Medicare Part B. Simply speaking, Part A covers hospital services and won’t cost you anything since you’ve been paying into Medicare your entire life. Part B covers the monthly premium and covers outpatient services and doctor visits.
Other enrollment periods to note are the Medicare Advantage Open Enrollment Period from January 1 to March 31. This time allows you to change your Medicare Advantage plan. There are also special election periods that happen when you continue to work after you turn 65. You can also qualify if you are moving.
Most importantly, did you know there are penalties to signing up late? Sign up when you can to avoid them.
Now, let’s talk about the ABC’s and D of Medicare.
There is Part A, Part B, Part C, Part D, and Medigap options when talking about Medicare. Here’s what you need to know.
- Part A: Covers inpatient hospital stays, skilled nursing facility care, and hospice care.
- Part B: Covers select doctor services, outpatient care, specific medical supplies, and preventive services.
Fun fact:
Original Medicare is considered as Part A and B.
- Part C: This is where things get tricky! Part C is also known as Medicare Advantage. It is Part A and B are just offered through private insurance providers. Frequently, people refer to Medicare Advantage as the one-stop shopping experience for Medicare because it also covers Part C and Part D, plus prescription drug coverage.
- Part D: Covered in Part C. Prescription Coverage.
- Medigap: Last but not least, we have Medigap. This is a Medicare supplement insurance policy. It’s good to note that Original Medicare only covers 80% of services, so Medigap fills in those gaps and covers some of the other costs like deductibles, copays, and coinsurance.
Rapid Fire Answers to your most-asked Medicare Enrollment Questions
We asked Jonnah, our SHIP Medicare Coordinator, the most asked questions about Medicare are, and she sent us these great answers.
How to sign for a Medicare Counselor in your area?
Click here or on Open enrollment above, and see the options for your county.
You can also call 970-315-1328 to schedule an appointment.
What is Open Enrollment?
Once a year, you can make changes to your medical plan. This is great as needs or plans change; you can enroll in the right program to meet your changing needs.
How do I find out which Medicare plan is best for me?
Check out what we wrote above, and if you need more information, go to www.medicare.gov. This is a great place to start. Once there, you can create an account or just click the button “Find Health & Drug Plans.”
Once you have an account, simply enter the information requested, and after you complete the application, you will see your total annual costs, including premiums, deductibles, and copays.
Don’t have a Part D plan?
Part D covers prescriptions that not everyone has or needs. If you foresee yourself needing this in the next year, this is THE time to enroll in it.
Items to bring to your appointment
- Your Medicare card or Medicare number
- Your Employee/Benefits booklet and billing information (if you are still working & this is applicable)
- A list of the prescription drugs you take. (Specifically, pictures of Rx bottles or bring actual prescriptions)
- Any Medicare, CMS, Social Security, Medigap Insurance, or Advantage Plan Correspondence that you may have. This only applies if you have questions about any of these plans.
How Vintage Can Help in Colorado
The State Health Insurance Program (SHIP) program enables thousands of Colorado Medicare beneficiaries to get quality, confidential, FREE counseling assistance that helps them better understand their Medicare options, make informed choices, and save money. THE time of year to make changes to your Medical and Prescription D Drug Plan is NOW. This allows you to enroll in the right program to meet your changing needs. For more questions, please schedule an appointment with a local SHIP Medicare Counselor in your area.
To schedule an appointment for Medicare Assistance in your area, call us at 970-315-1329 or Schedule an appointment at YourVintage.org (Formerly the Alpine Area Agency on Aging).
*Heads up: changes made during open enrollment take effect on January 1, 2021.
