The time of open enrollment for health insurance is from November to January. During this period, a lot of Americans apply for coverage. But when it comes to Medicaid, the application process can be done any time. If you qualify for Medicare, the enrollment time is done at a different period. So, when is the right time for you to sign up for Medicare?
Unless you are turning 65 years old, you are not eligible for a Medicare plan. That is the rule for the majority of Americans. Three months before your 65th birthday and three months after that day, is the usually the period for the enrollment.
Signing up for Medicare Part A and Medicare Part B
Part A and Part B are considered the Original Medicare Plans. For most account holders of Medicare Part A, they do not have a monthly premium. The coverage of Part A includes hospital care, hospice care, and home health services. Medicare Part A is basically hospital insurance.
On the other hand, the recipients of Medicare Part B have to pay their premium every month. The coverage consists of hospital outpatient services, doctor’s consultation, mental health services, prescription drugs, among others. Essentially, Part B is medical insurance.
If you are eligible for Medicare Part A that is premium-free, you can possible apply within the initial period of enrollment. After that point, you can still sign up for Part A. However, if you need to buy both Part A and Part B (or either one of them), then apply for coverage in the initial time of enrollment. If you miss submitting your application, you will have to wait for the next period of enrollment.
Signing up for Medicare Part C and Medicare Part D
Part C and Part D are called the Medicare Advantage Plans. These are for seniors who want to buy their Medicare from a private company. These are considered the alternative healthcare services to the ones that are offered by the federal government, which are Part A and Part B.
Medicare Part C, in particular, gives coverage via PPO and HMO plans. For Part D coverage, it focuses on outpatient prescription drug insurance. It can also be used to supplement the coverage from Original Medicare.
Qualified seniors can sign up for Part C or Part D plan at the time of the initial enrollment. The coverage will take effect on the day you turn 65. If you apply after your 65th birthday, the coverage will take effect one month after the date of application.
Whether you choose Original Medicare or Medicare Advantage Plan, make sure that it during the initial period of enrollment to avoid coverage gaps and penalties. At Covensure Brokerage LLC, we take pride in making sure that our clients are well-protected at prices they can afford. To learn more about how we can help you, please contact our agency at (248) 572-1580 or Click Here to request a free quote.