Medicare provides only basic health insurance coverage. It does not cover 100% of all hospital and medical expenses you might have. It also has large deductibles for hospitalizations, etc. That comes out-of-pocket before it kicks in. Due to these reasons, most people on Medicare will procure additional supplementary health care like Medicare Supplemental Insurance to cover any additional expenses.The different parts of Medicare with their specific services:
Keep in mind that each of these parts of your Medicare coverage and supplements will be paid for separately.Medicare Part A (Hospital Insurance)
Keep in mind that each of these parts of your Medicare coverage and supplements will be paid for separately.
Part A covers inpatient hospital stays, care in a skilled nursing facility, blood services, hospice care, and some home health care.
Skilled nursing facility (SNF) care is for recovery from a sickness, injury, or a surgery, and is NOT long-term care like many people commonly confuse. Skilled nursing care is only for short-term care (max 100 days), and currently, Medicare stipulates that you must be showing continuous improvement in the SNF every day or else they will terminate that benefit.Medicare Part B (Medical Insurance)
Medicare Advantage Plans include:
If you’re enrolled in a Medicare Advantage Plan:
Bear in mind that Medicare Advantage also has these policies:
These plans will generally pay a portion of each medication that you are taking. Part D adds prescription drug coverage to:
These plans are offered by insurance companies and other private companies approved by Medicare. Medicare Advantage Plans may also offer prescription drug coverage that follows the same rules as Medicare Prescription Drug Plans.Medicare Supplement Insurance (Medigap)
Medicare Supplement Insurance supplements the “gaps” left by the Original Medicare. There are 10 policies that you can choose from varying in coverage. All companies will offer the same benefits for each policy but will only differ on the price they charge.Enrollment Periods
The Initial Enrollment Period for Medicare Parts A and B lasts 7 months. It starts at the month of your 65th birthday, or, if due to a disability, the 25th month of receiving Social Security Disability Insurance (SSDI).Annual Election Period (AEP)
This refers to the yearly period when people can choose to drop, switch, or enroll in a health insurance plan for the following year without restrictions. Every year, Medicare’s open enrollment period is October 15 - December 7. The new plan you will be choosing will come in effect on January 1st of the coming year.
Those with Medigap policies, on the other hand, can switch their policies anytime.Open Enrollment Period (OEP)
This is a period of time in which a person new to Medicare will be guaranteed a Medicare Supplement Insurance plan without restrictions. This starts when you are both age 65 and enrolled in Medicare Part B for the first time.Medicare Advantage Dis-enrollment Period (MADP)
This is for people currently holding a Medicare Advantage Plan thinking to terminate their coverage and switch back to Original Medicare. It also has option of purchasing a Medicare Supplement Insurance Policy. This lasts from January 1st to February 14th.
If you are still confused with all of these we have expert Medicare Specialists standing by ready to answer all your questions. Please call us now at (855) 230-0801.How to Enroll in Medicare?
You can enroll in Medicare Part A and/or Medicare Part B in the following ways:
If you do not live in the U.S. or one of its territories you can also contact the nearest U.S. Social Security office, U.S. Embassy or consulate.
If you worked at a railroad, contact the Railroad Retirement Board (RRB) at 1-877-772-5772 (TTY users 1-312-751-4701) Monday through Friday, 9AM to 3:30PM