Getting Ahead of the Game: Choosing Your Medicare Plan
Posted by Jerrica Starnes on August 25, 2017
If you are turning 65 soon, you know you will need Medicare. Do you know which plan is best for you? Original Medicare will not be enough to cover all your insurance needs, as it only consists of Part A (hospital insurance) and Part B (covering doctors and healthcare providers services). Let us help you fill the gaps in Original Medicare with a Medicare Supplement, also known as a Medi-Gap plan, or a Part C Medicare Advantage plan.
There are two avenues to consider. First is Traditional Medicare, which is an arrangement of coordinated benefits that includes Original Medicare (Parts A & B), a Medicare Supplement, and a Part D plan. An alternative to this typical Medicare arrangement is known as Part C or Medicare Advantage. Medicare Advantage plans consolidate all coverage that Traditional Medicare offers into one plan, with no loss of benefits. In some cases, you may receive additional coverage under a Medicare Advantage plan.
Your 65th birthday is surrounded by a period known as your Initial Coverage Election Period, or ICEP. This consists of the 3 months prior to the birth month in which you will be turning 65 and the 3 months following. During this time, you can enroll in a Medicare Supplement with no underwriting involved. Part C and Part D of Medicare are always guaranteed issue, however, if you miss your ICEP, you are limited to the Medicare Open Enrollment period (which lasts from October 15th to December 7th of this year).
With these parts and plans to navigate in a short window of time, you may want to consult with an advisor. We have a dedicated Medicare Specialist in our office, Aleix Arrington, who is ready to help guide you in the right direction. Aleix holds a monthly Medicare Seminar in which he discusses the ins and outs of Original Medicare, Medicare Supplements, Medicare Advantage plans, and Part D Prescription Drug Coverage. Once you have enrolled in Original Medicare, Aleix is available to sit with you one-on-one and discuss which route is best for you.
Be sure you are ahead of the game by attending a Medicare Seminar. We will help you be prepared for your Medicare ICEP! Visit our website for more details and see our calendar for the seminar schedule.