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.
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.
Medigap plans, also called Medicare supplement insurance plans, cover some of the costs not paid by Original Medicare (Parts A & B). For example, Medicare Part B typically pays 80 percent of the cost for a covered service, such as a doctor visit. You would be responsible for the other 20 percent of the cost, which a Medigap plan may cover.
If you’ve got a chronic condition that requires a lot of medication, chances are you’ve got your prescription drug plan figured out. If you’re in tip-top shape and don’t take a single pill, what’s the point? When it comes to prescription drug coverage and Medicare, if you don’t sign up when you’re first eligible, you could pay more down the road through penalties.
Medicare eligibility begins at age 65 for most people. Boomers born in 1953 are next up to join the ranks of Medicare beneficiaries. Here’s what you need to know.
The Part D coverage gap – or “donut hole” – is a payment stage with Medicare prescription drug plans and a budget concern for many people. It’s a period of time when the main cost burden for prescription drugs shifts from the plan to the plan member.
By Philip Moeller
Top Tips on Medicare Explained by People Who Live It Every Day
Most of us could use a little guidance when learning about Medicare and our coverage options. This is especially true as Medicare Open Enrollment gets closer, when we have the opportunity to change our coverage choices for the following year. Open Enrollment runs from October 15 to December 7.