8 Quick Tips to make Medicare Straightforward

1.

There are 3 ways to get Medicare coverage:

• Original Medicare: This includes Medicare Part A (Hospital Insurance) and Part B (Medical Insurance).

• Medicare Advantage Plan: Also known as Part C, this plan typically includes both Part A and Part B, and often includes prescription drug coverage (Part D) as well.

• Medicare Supplement Plan: Also known as Medigap, this plan helps cover some of the out-of-pocket costs not covered by Original Medicare. You can also add a stand-alone Prescription Drug Plan (Part D) to this coverage.

2. You Will Pay a Share of Your Costs

It's important to understand that neither Original Medicare, Medicare Advantage, nor Medicare Supplements will cover all your expenses. You may be responsible for various costs, including:

• Monthly premiums

• Deductibles

• Copayments

• Coinsurance

Be prepared for these out-of-pocket expenses as part of your healthcare coverage.

3. Protection from High Out-of-Pocket Costs

Medicare Advantage Plans: These plans offer a cap on your out-of-pocket expenses, which can range from $2,900 to $10,000 each benefit year, depending on the specific plan.

Medicare Supplement Plans: Also known as Medigap, these plans assist in covering certain out-of-pocket costs that are not fully paid by Original Medicare, including deductibles and coinsurance.

Two Ways to Secure Drug Coverage

When it comes to obtaining drug coverage, there are two primary options available to you:

• Stand-Alone Prescription Drug Plan (Part D): You can add a stand-alone prescription drug plan (Part D) to your Original Medicare or Medicare Supplement plan. This option allows you to customize your coverage based on your specific medication needs.

• Medicare Advantage Plan (MAPD): Alternatively, you can enroll in a Medicare Advantage plan (MAPD), which typically includes drug coverage as part of the overall package. This option often combines your health and drug coverage into a single plan, simplifying your healthcare management.

Choosing the right drug coverage is essential for managing your healthcare needs effectively. Be sure to evaluate both options to determine which best fits your lifestyle and medication requirements.

5. You may have many options. Medicare Advantage plans and prescription drug plans vary significantly in terms of coverage and cost. We offer several plans tailored to your needs in Illinois and Missouri. It's important to note that while Medicare Supplement plans are standardized and the same nationwide, the costs associated with these plans can vary greatly from state to state, including Illinois and Missouri.

Timing Matters When You First Enroll

Your Initial Enrollment Period (IEP) is your first opportunity to enroll in Medicare and select the coverage that best suits your needs. This important enrollment window lasts for a total of 7 months. It includes:

• The 3 months before your 65th birthday

• Your birthday month

• The 3 months following your 65th birthday

If you are enrolling due to a disability, your IEP begins 25 months after you start receiving disability benefits, also spanning 7 months, which includes:

• The 3 months before the 25th month of receiving disability benefits

• The 25th month itself

• The 3 months following the 25th month

Understanding the timing of your IEP is crucial to ensure you have the coverage you need when you need it.

earlier.

7. It is wise to review your options each year. Annual Enrollment Period (AEP) occurs each year from October 15 to December 7. During this time, you can change your coverage choices, which will take effect on January 1 of the following year. Additionally, the Open Enrollment Period (OEP) runs from January 1 to March 31, allowing for further changes to your coverage options.

8. You may enroll or make changes at other times of the year. January 1st-Macrh 31st is Open Enrollment Period (OEP). You can modify your Medicare Advantage plan or prescription drug plan. Medicare provides Special Enrollment Periods for qualifying life events. Leaving employer health plans, moving your primary residence, certain chronic conditions, and qualifying for Medicaid are just a few. Please contact us for more information.