Medicare Tips
Know Your Enrollment Periods
- Initial Enrollment Period (IEP): Starts 3 months before your 65th birthday, includes your birth month, and ends 3 months after.
- General Enrollment Period (GEP): If you missed your IEP, you can enroll from January 1 – March 31, with coverage starting July 1 (late penalties may apply).
- Annual Open Enrollment (AEP): October 15 – December 7 for making changes to Medicare Advantage or Part D plans.
- Medicare Advantage Open Enrollment: January 1 – March 31, allows switching between Medicare Advantage plans or going back to Original Medicare.
Understand Your Coverage Options
- Original Medicare (Parts A & B): Covers hospital and medical expenses but has deductibles and coinsurance.
- Medicare Advantage (Part C): A bundled alternative with extra benefits (dental, vision, hearing) but has network restrictions.
- Medigap (Supplement Plans): Helps cover out-of-pocket costs from Original Medicare but doesn’t work with Medicare Advantage.
- Part D (Prescription Drug Coverage): Important if you take medications—enroll when first eligible to avoid penalties.
Compare Plans Every Year
Medicare plans change annually. Review your coverage and costs during Open Enrollment (Oct 15 – Dec 7) to ensure your plan still meets your needs.
Avoid Late Enrollment Penalties
Not enrolling in Part B or Part D when first eligible can lead to lifetime penalties unless you have qualifying employer coverage.
Check If You Qualify for Savings Programs
Programs like Extra Help and Medicare Savings Programs can lower prescription drug and healthcare costs for those with limited income.
Beware of Scams
Medicare will never call or ask for personal details unless you initiate contact. Always verify before providing information.
Seek Guidance from a Medicare Specialist
Working with a licensed Medicare agent can help you navigate options, avoid penalties, and find the best plan for your needs.