HEALTH INSURANCE AT EVERY STAGE
When you get close to being eligible for Medicare, it can feel like you’re getting too much information all at once. We’re here to help you understand what Medicare is, how much it costs, and how to sign up.
MEDICARE COVERAGE
WHAT IS MEDICARE?
Medicare is a federal health insurance program run by the center for Medicare and Medicaid. It primarily provides health insurance to people who are 65 or older, but also covers some people with qualifying disabilities or illnesses.
There are two main ways to get Medicare coverage:- Original Medicare – which includes Part A, B, D. With the option to get a Medigap supplement
- Medicare Advantage plan – the all in one solution
Medicare is divided into several parts: Part A, Part B, Part C, Part D, Medigap / Suppliment
Part A covers inpatient hospital stays, care in a skilled nursing facility, hospice care, and some home health care. The majority of people do not pay a premium for Part A. If you or your spouse worked over 40 quarters in their lifetime you may fall into this category. In most cases, you will be automatically signed up for part A.
To find out more details about Part A go to insurance.wa.gov.
Part B covers services from doctors and health care providers, outpatient care, medical supplies and preventive services. For the majority of people Part B has a premium monthly premium, which the amount depends on income. In most cases you will need to sign up for Part B through Social Security, however, in some instances you might be signed up automatically. For more info on Part B go to insurance.wa.gov.
Designed to cover expenses not covered by Part A and Part B and run by private insurance companies. These gaps can be the copayments, coinsurance and deductibles. They follow a standardized form designated by letters; with each letter offering the same basic benefits no matter what insurance company provides it. For more information about Medicare Supplement plans visit medicare.gov.
When to sign up:
If you are eligible for Medicare most people you first become eligible to sign up for Medicare during a 7-month initial enrollment period. This 7-month enrollment period is:
- Starts 3 months before the month you turn 65
- The month you turn 65
- Then ends 3 months after you turn 65
GET A HEADSTART
IMPORTANT DATES
FOR MEDICARE COVERAGE
ANNUAL CHANGE OF LETTER
September: Insurance carriers will release any changes for Part D and Medicare Advantage plans for the next year.
ANNUAL ELECTION PERIOD (AEP)
Runs October 15th through December 7th: Is the time of year you can make changes to your Medicare advantage and Part D plans for an affective date of January 1st the following year.
MEDICARE OPEN ENROLLMENT PERIOD (OEP)
Runs January 1st to March 31st: During this time, you can make a one time change to your plan selection. Either going to a Medicare advantage plan to another Medicare Advantage plan or leaving Medicare Advantage and returning to Original Medicare with a Part D plan. If you do make the change to go to Original Medicare you might not be guaranteed to be able to get a Medigap / supplement plan.
