Medicare, like many types of health insurance and coverage, can be incredibly confusing. Today we are busting some of the most common Medicare myths.
Myth 1: There Is Only Part A and Part B
Today’s Medicare has many more options available to patients, as they can now be covered by Medicare Part A (hospitals), Part B (doctors/medical insurance), Part D (prescriptions) or a Medicare Advantage plan. Additionally, you can also purchase a Medigap plan to bridge the space between what Medicare pays and what you are responsible for.
Myth 2: Medicare Is Expensive
Medicare doesn’t come without a cost, but enrollees do receive a great deal of additional coverage without requiring extra money or while only requiring a small deductible. Your annual physical and preventative care appointments will be free, in addition to screenings for colon cancer, prostate cancer, heart disease, HIV, diabetes, osteoporosis and depression.
Myth 3: Enrollment is Always Open
While you aren’t required to enroll in Medicare at a certain time, there are significant benefits to being timely with your enrollment, as you could face steep late enrollment penalties as a result.
- Part A and B Medicare plans are open for enrollment during the 3 months before the month you turn 65, the month you turn 65 and the 3 months following. For every year you wait to enroll, you could face premium increases of up to 10%.
- Part D Medicare plans are open for the same enrollment periods as Parts A and B, but the enrollment penalty will be applied after 63 days without any prescription drug coverage.
- Medigap plans can be enrolled in once you are 65 and enrolled in Part B. You have a six-month window to enroll before insurance companies can require medical underwriting to decide your plan cost and potentially reject patients deemed high-risk.
If you are a current Medicare enrollee looking to make changes to your coverage, you can do so from October 15-December 7, 2017. You can change from traditional Medicare plans to a Medicare Advantage plan, move from one Advantage plan to another or add on a Part D plan to your Medicare coverage.
It is important to review your Medicare coverage plan every year as there may be changes that could affect your coverage and cost for medical care and prescriptions.
More Open Enrollment Information
Fall Open Enrollment is the time of year when you can change your Medicare coverage. You can do this by joining a new Medicare Advantage Plan or by joining a new stand-alone prescription drug plan (PDP). You can also switch to Original Medicare with or without a stand-alone Part D plan from a Medicare Advantage Plan during this time. Listed below are six things to keep in mind while you are deciding on your Medicare coverage.
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