The Medicare Annual Enrollment Period begins October 15, 2020 and goes through December 7. For Seniors age 65 or older using the program for the first time, or those electing to make changes to their current plan, it can be confusing. Below is a basic overview of each part of Medicare:
Part A – Medicare Part A is hospital insurance that covers care including inpatient hospital stays, hospice care, nursing facility services, and in some cases home health care. Americans age 65 or older who have worked and paid taxes for at least 10 years are automatically enrolled in Part A.
Part B – Medicare Part B is medicalinsurance that covers services and supplies required to diagnose or treat a health condition. These services usually include lab tests, surgeries, doctor’s visits, and medical supplies. Part B also covers preventive services; for example blood pressure and cholesterol checks. Part B is not free and the monthly premium is based on prior income.
Part D- Medicare Part D is prescription drug coverage. It is optional but you must be enrolled in parts A and B in order to receive part D.
Supplement Plans or “Medigap” – Medigap is a supplemental insurance plan that helps fill the coverage gaps that may be left over from Medicare. Costs such as copayments, coinsurance, and deductibles are covered in Medigap plans. These supplemental plans can be purchased in addition to Medicare through private insurance companies.
Medicare Advantage – Medicare Advantage is sometimes called “Part C.” Private insurance companies offer Medicare Advantage planswhich include A and B, but also offer additional coverage such as dental, vision, hearing and prescription drugs. Because plans are offered by many private companies, costs and benefits vary.
There are many considerations for individuals enrolling in Medicare for the first time and what is good for one persona may not be good for another. We can help walk through the best option for you. Contact us anytime at 703.969.1811 or by completing the form below (don’t worry, you won’t be put on a mailing or call list.)