Taking Advantage of Open Enrollment for Medicare

The open enrollment period for Medicare in 2018 begins on October 15th and runs until December 7th and it’s the perfect time to enroll and help either yourself or an aging parent! Medicare is an excellent way to assist with your medical expenses and, depending upon your needs and circumstance, you can get coverage for a variety of expenses! First and foremost, you should be certain that you or the person whom you are enrolling qualifies for Medicare. Next, you should understand the plans available to you when enrolling during the open enrollment period! Once you understand these crucial pieces of information, you’re ready to move forward in applying during the open enrollment period!

Do you Qualify?

The first thing you need to be sure of is that you or whomever you are enrolling during the open enrollment period is qualified for Medicare! There are a number of different requirements that may determine whether or not one is eligible, but the main requirements you should be familiar with are as follows: You must be a United States citizen, or have been living legally in the United States nonstop for at least 5 years. In addition, you must be 65 years old, unless you have certain disabilities which qualify you to enroll prior to your 65th birthday and after your 18th birthday. Finally, and perhaps most importantly, you must already have Medicare coverage through your initial enrollment period to qualify for benefits/changes offered during the open enrollment period. There are a number of other, more specific requirements that may or may not apply to you or those being enrolled, and those requirements should be sought out through Medicare’s online resources.

Understand the Different Plans Available

There are a number of different plans available through Medicare, and there are four specifically that you’ll want to familiarize yourself with for the open enrollment period. Those applying during the open enrollment period can either: change their Part A plan (hospital services) or Part B plan (outpatient medical services) to a Part C plan (Medicare Advantage Plan); change their Part C plan back to a Part A or Part B plan; join, drop or switch a Part D Plan (prescription drug plan) when signing up for a Part A or Part B plan; or switch from an existing Part C Plan to a new Part C Plan. All of these different plans may seem daunting, but understanding which one is right for you and what each plan does and does not cover is the best course of action. Contact Carolina Money Minders today for more information about medicare.