[BLOG] Know Your ABD's: The Medicare Open Enrollment Period Has Begun!

If you’re 65 years old, about to be 65 years old, or if you know somebody who is, here’s a message for you: Don’t wait to sign up for, or change, Medicare insurance plans - poor planning, procrastination and missed deadlines expedite the aging process!

The Medicare Open Enrollment Period is October 15^th through December 7^th, and it’s time to make decisions about your future now - changes made during this period will take effect January 1^st of next year.

Here’s a brief overview of some upcoming deadlines:

• Part A, B, D – Enrollment begins 3 months before and up to three months after you turn 65.
• Medicare Supplement Insurance (Medigap) – Medigap open enrollment lasts 6 months and begins when 1) You are 65 or older 2) Have enrolled in Medicare.
• Working past age 65 – You must enroll within 8 months of being unemployed or dropping your health plan.

What each part means:

Part A – Hospital insurance: Covers inpatient care, hospice, home health and skilled nursing care.

Part B – Medical insurance: Covers outpatient care, preventative services and medical equipment such as wheelchairs and walkers.

Part D – Prescription drug coverage

Medicare Supplement Insurance (Medigap) – Covers some of Medicare’s cost-sharing requirements and services not covered by Medicare.

Why you should take advantage of this enrollment period:

• Possibility of upgrading or downgrading plans (Medicare Advantage versus Original)
• Opportunity to reevaluate or change Part D
• Peace of mind knowing that you do not have to rely on COBRA or job security in order to be covered by insurance.

Good to know:

• The general enrollment period for Medicare is between January 1^st and March 31^st
• During the general enrollment period, coverage kicks in one month post-enrollment.
• You can apply for Medicare even if you are already covered elsewhere.