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.
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.
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.
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.
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.