Sometimes life happens. Maybe you got a new job, or you’re retiring, or you wish to be closer to your family. No matter why, if you’re moving and have Medicare coverage, you may qualify for a unique Special Enrollment Period when you can make some changes.
When it comes to making Medicare coverage choices, you may be considering a Medicare supplement insurance plan, also known as a Medigap plan. A Medigap plan helps pay some of the out-of-pocket costs that Medicare Parts A & B doesn’t, such as deductibles, copayments and co-insurance.
If you made changes to your Medicare plan during Medicare Open Enrollment, you may be wondering what’s next. About 10 days after you enroll, you may get a phone call or letter from your Medicare insurance company. This is to make sure you understand your new plan. It is also a chance for you to give any information missing from your application.
It would be nice if Medicare Part D or Medicare Advantage plans could magically morph to meet each person’s changing health care needs or budget over time. You could pick a plan once and be done with it! Alas, that is not the way it works.
As you’re enjoying the splendid fall season and pumpkin-spice everything, don’t forget that autumn also means open enrollment for health insurance. And if you’re eligible for both Medicare and Medicaid, you should know about an option that could offer a convenient, affordable approach to managing your health care.
Unless you take action to change it during Medicare Open Enrollment (Oct. 15 – Dec. 7), your current Medicare coverage will renew for the following year. But are you sure you want it to?