Fall Open Enrollment

Medicare is a Federal health insurance program created in 1965 for people who are age

65 or older, and under certain circumstances, younger, regardless of income, medical history or health status. Most people age 65 and over are entitled to Medicare Part A if they or their spouse are age 65 and have paid payroll taxes for 10 or more years. Medicare Parts A & B only cover 80% of hospital and medical charges, leaving the patient with the responsibility to pay 20% of the charges as well as some potentially expensive deductibles. Without a Medicare Supplement Plan, you are financially responsible for everything that is not covered by Medicare. Many seniors wisely add a Medicare Supplement Plan, which will help pay their deductibles and coinsurance. By choosing the right Medicare Supplement plan, one can potentially eliminate their out-of-pocket financial responsibility. Simply pay a monthly premium and avoid all copays, charges for office visits, co-insurance or deductibles. Each year between October 15 and December 7, seniors over the age of 65 are permitted to make changes to their Medicare coverage and changes take effect January 1. Insureds are able to join a new Medicare Advantage Plan or stand-alone prescription drug plan (Part D). In most cases, the fall open enrollment is the only time one can pick a Medicare Advantage or Part D plan. If you need prescription drugs for any condition, it is essential to have this coverage. It is recommended that plans be reviewed periodically. Many times, switching plans or switching companies can result in significant savings and or more complete coverage. One of the biggest misconceptions of this type of healthcare is that Medicare supplement insurance companies that charge higher premiums offer higher benefits. This is not the case, as all plans of the same type are 100% identical in coverage and benefits. If you would like to discuss your coverage with a Medicare Specialist, please contact our office.