The Annual Enrollment Period for Seniors – Five Questions to Consider

The Annual Enrollment Period for Seniors Five Questions to Consider

What is the Annual Enrollment Period for Seniors?

The Annual Enrollment Period beginning November 15th and ending December 31th is the time for seniors to make key choices in their Medicare plans that will be beneficial to them in the coming year. In fact, Medicare recommends reviewing your coverage once a year in their publication, Medicare and You.

Why is this Annual Enrollment Period Important?

The Annual Enrollment Period allows you to choose between Medicare Advantage Plans with or without a Prescription Drug Plan, a Standalone Prescription Drug Plan, Original Medicare and a Prescription Drug Plan, or a Medicare Supplement Plan and a Prescription Drug Plan.

What are the Differences in the Type of Plans Available?

The Medicare Advantage typically covers all the benefits under Original Medicare while eliminating the coinsurance and deductibles in Part A and Part B and covering your prescription drugs. Depending upon your income and type of plan you choose, you may or may not pay a monthly premium. The Medicare Advantage Plans limits you to doctors and hospitals within their network. The Standalone Prescription Drug plan simply covers your Prescription drugs for a monthly premium. Be aware, however, that these plans require a co-pay.

The Medicare Supplement Plans are all standardized by Medicare and are identified by letters A L. All policies cover the Part A and Part B coinsurance and some policies also cover the Part A and Part B deductibles. The Medicare Supplement policies allow you to go to any doctor or hospital you choose whether you are traveling anywhere in or outside of the country. No Medicare supplement policies require co-pays.

How Do Seniors Go About Choosing the Best Plan for Themselves?

Consider your health care needs. Think about how frequently you make doctor visits, whether you need frequent examinations or tests or have an upcoming hospitalization, and the type and costs of Prescription Drugs you require.

What Happens After December 31th

After December 31th seniors are locked in their Medicare Plan until November 15th of the next year unless they drop their Plan and return to Original Medicare and a Prescription Drug Plan. There is no special enrollment period for Medicare Supplement Plans. You can choose to enroll in a Medicare Supplement Plan throughout the year. However, unless you enroll in this plan three months before your 65th birthday or three months after, you will have to meet the company's medical underwriting requirements.

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