Medicare Enrollment and Options

Medicare is a federal health insurance program primarily for people aged 65 and older, but it also covers certain younger individuals with disabilities or specific conditions like end-stage renal disease (ESRD). Medicare is divided into different parts, each covering particular services:

• Part A (hospital insurance) may help cover inpatient hospital stays, care in a skilled nursing facility, hospice care and some home health care.

• Part B (medical insurance) may help cover certain doctors’ services, outpatient care, medical supplies and preventive services.

• Part C (Medicare Advantage) is an alternative to Original Medicare (parts A and B) offered by private companies approved by Medicare. These plans often include additional benefits like vision, dental and prescription drug coverage.

• Part D (prescription drug coverage) may help cover the cost of prescription drugs and is offered through private insurance companies.

Medicare Enrollment Periods

Knowing when to enroll in Medicare is crucial to avoid late enrollment penalties and ensure continuous coverage. Here are the key enrollment periods:

• Initial enrollment period (IEP)—This begins three months before you turn 65, includes your birth month, and ends three months after your birth month.

• General enrollment period (GEP)—This runs from Jan. 1 to March 31 each year. If you missed your IEP, you can enroll during this period but may face late enrollment penalties.

• Special enrollment period (SEP)—This is available if you have a qualifying life event, such as losing employer coverage. It allows you to enroll without facing penalties.

• Open enrollment period (OEP)—This runs from Oct. 15 to Dec. 7 each year, and you can change your Medicare Advantage or Part D plans during this time.

In addition to the standard Medicare parts, you might consider additional coverage options:

• Medigap (Medicare supplement insurance) may help cover out-of-pocket costs not covered by Original Medicare, such as copayments, coinsurance and deductibles.

• Medicare savings programs may assist with paying Medicare premiums, deductibles and coinsurance for those with limited income and resources.

• Extra help may help pay for prescription drug costs for those with limited income and resources.

Contact Us

Contact Florida Coast Insurance Agency in Davie, Florida, for help navigating the Medicare enrollment process.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.