Medicare open enrollment for 2021 coverage is just around the corner, so there’s no time to waste. Below is our guide to eligibility, and how to make plan changes for 2021.

You’ll be surprised by how much money you can save with a Medicare Advantage Plan!

Medicare open enrollment – also known as Medicare’s annual election period – runs from October 15 through December 7 each year. During this yearly window, Medicare plan enrollees can reevaluate their coverage – whether it’s Original Medicare with supplemental drug coverage or Medicare Advantage – and make changes or purchase new policies if they want to do so.

Who Is Eligible for Medicare?

Sometimes, getting older is a good thing. Turning 65 is one way you become automatically eligible for Medicare. However, you can also be under 65 and eligible for Medicare because you are receiving Social Security Disability Insurance or SSDI. You qualify for Medicare due to a disability if you have been receiving SSDI checks for more than 24 months.

What Does Medicare Cover?

Medicare coverage comes in four parts, and each part offers entirely different benefits.

Before you sign up for Medicare for the first time or consider making changes to your current coverage, it’s essential to review each part and decide what you need.

The four parts to Medicare include:

Medicare Part A – Hospitals & Home Care Basics

Medicare Part A covers inpatient hospital care. Several different types of hospitals qualify for this coverage, including critical-access hospitals and mental health hospitals. Medicare Part A also covers skilled nursing facilities and even home care in certain situations.

What you get:

• A semi-private room
• Nursing services
• Meals
• Required medications

The benefits of this plan typically include physical therapy and medical social services. Most people are automatically covered by Medicare Part A once they reach age 65.

Medicare Part B – Prevention, Outpatient Care & Supplies

Medicare Part B is medical insurance designed to cover medical supplies and services needed to treat different medical conditions.

What you get:

• Ambulance services
• Outpatient care
• Preventive services
• Medical equipment prescribed by a doctor

It also covers rehabilitative services and intermittent home health services. Anyone eligible for Medicare Part A is eligible for Part B. However, to take advantage of Part B, you have to enroll and pay a monthly premium. Premiums typically are deducted from your Social Security benefits. Even if you aren’t eligible for Part A, you may qualify for Part B if you meet specific requirements.

Medicare Part C – Advantage Plans – An Improvement Over Parts A + B

Medicare Part C plans are commonly referred to as Medicare Advantage plans or Medigap Insurance. Rather than being billed for each healthcare service on an as-needed basis, Part C participants pay a monthly fee. Medicare Part C is similar to typical health insurance – it’s handled through private insurance companies, and most plans are administered through preferred provider organizations (PPOs) or health maintenance organizations (HMOs).

Part C plans provide the same coverage as Original Medicare Parts A and B, plus one of the advantages of Medicare Advantage plans is they have a cap on maximum annual out-of-pocket expenses, something that Medicare Parts A and B don’t have.

What you get:

• Coverage for vision
• Coverage for dental
• Coverage for prescription drugs

Part D – Extra Prescription Coverage

Medicare Part D covers prescription drugs which aren’t covered under Medicare Parts A and B. Part D is optional, but many people find it helpful. There are two ways to get Medicare Part D coverage. The first is through a Medicare Advantage plan that also covers Parts A and B. The second is to enroll in a Part D prescription drug plan that fits your regional area. If you have a Medicare Advantage plan covering Parts A and B, you can add Part D through the insurance company that provides your Medicare Advantage plan. If you need to add Part D to your plan, that’s easily done during open enrollment.

How to Change Your Coverage and Supplement Plans

During open enrollment, you have the opportunity to change your coverage in several different ways. If you want original Medicare Parts A and B, you obtain that through the federal government. If you want a Part C Medicare Advantage plan or a Medicare supplemental insurance plan, you get those through a private insurance company.

Supplemental Insurance – You’ll Be Glad You Have It!

Medicare won’t cover 100 percent of your medical needs. To have full coverage, you may want to consider purchasing a supplemental policy offered by a private insurance company.

Having a supplemental insurance policy can save you money because that supplemental plan will pay for the out-of-pocket expenses not covered by Medicare. Unlike Medicare, supplemental insurance plans also usually place a cap on out-of-pocket expenditures, meaning you won’t have to spend any more money once you’ve reached that cap.

Finding the Best Medicare Supplement Plan for You is Easy…

Are you interested in the possibilities? Go to the ‘Find Medicare Enrollment Options Now’ link below and find the best providers of Medicare Supplement plans in your area today.