Medicare is the federal health insurance program mainly for people age 65 and older, though some younger people with certain disabilities also qualify. Itâs divided into several parts, each covering different types of care.
- Part A covers hospital stays, skilled nursing facility care, and some home health services.
- Part B helps pay for doctor visits, outpatient care, medical equipment, and preventive services.
- Together, Parts A and B are called Original Medicare.
- Part C, also known as Medicare Advantage, is an alternative offered by private insurance companies. These plans bundle Part A and Part B, and often include prescription drug coverage and extra benefits like dental, vision, or hearing. Medicare Advantage can be a good option if youâre relatively healthy, value extra benefits, and donât mind staying in-network. But if you want maximum provider choice and predictable costs, Original Medicare with a Medigap plan may be a better fit.
- Part D is stand-alone prescription drug coverage, which you can add if you have Original Medicare.
Letâs talk about the upcoming enrollment!
The Medicare Annual Enrollment Period runs every year from October 15 to December 7. This is the time when you can review your current coverage, switch from Original Medicare to a Medicare Advantage plan or vice versa, and join, drop, or change a Part D prescription drug plan. Any changes you make take effect January 1 of the new year.
For example, letâs say you started a new medication this year and discovered your current Part D plan doesnât cover it, or itâs much more expensive than in other plans. That would be a good reason to switch during the enrollment period so you can save money and make sure your prescriptions are covered.
Itâs also important to review your coverage each fall, since premiums, benefits, and drug formularies can change from year to year. Taking a little time to compare options ensures you have the coverage that best fits your health needs and budget. You can use a free tool to compare available plans in your area such as the âFind a Medicare Planâ feature on Medicare.gov/plan-compare or you can reach out to your State Health Insurance Assistance Program for free one on one Medicare insurance counseling at shiphelp.org.Â
I hope this has been helpful, and I hope you find joy in loving one another well!
