Medicare Insurance Options?

Many people are considering their Medicare insurance options. If you have Medicare part A and part B you can select a Medicare Supplement policy.  These policies are  identified by a letter such as Plan F or Plan G.   These plans are standardized which means plans with the same letter provide the same insurance protection no matter what company you purchased them from.

They can be purchased year-round. Most are subject to underwriting. It is important to note that Medicare Supplement plans do NOT cover Part D Prescription drugs.  For Part D you would need to purchase a separate Part D Prescription drug plan.  See Below.

Medicare Advantage Plans can be purchased with or without prescription drugs.  These plans are Medicare Part C.  If they include prescription drugs they are called Medicare Advantage Prescription Drug plans a.k.a. MAPD.  Plans without prescription drug coverage are MA plans.  Many plans are network based such as HMO’s PPOs or Fee For Service plans.

Medicare Enrollment Dates

Enrollment is based on when you obtain Medicare Parts A and B.  During the calendar year there are Special Election periods set my Medicare in which qualifying events allow people to join plans or make changes.  All members have the opportunity to change their plan during the Annual Election Period which Runs from October 15, 2017 to December 7, 2017.  This is a time which members can select a plan which will begin January 1st through December 31, 2018 subject to Medicare and Plan rules.

Medicare Advantage Plans allow people to join if they live in their service area, have Medicare Parts A and B and do not have end stage renal disease. There also various plans for certain groups of the population with chronic conditions.

Medicare Prescription Drug Plans are known as Medicare Part D Plans or PDPs.  In order to have this coverage a person needs to have either part A or Part B of Medicare.  Most people with Medicare supplements purchase Part D plans.  MAPD members can get this Part D coverage included in there plan so there is no need to purchase a standalone part D plan.  It is important to note that a person who has a Medicare Advantage Prescription Drug plan should NOT enroll in a separate stand-alone Part D Prescription Drug plan because this would cancel out there previously held Medicare Advantage Prescription Drug plan and they would be without medical coverage.  To avoid a late enrollment penalty make sure to enroll within 63 days of  losing creditable drug coverage.

Get covered Today!

You can join a Part C MAPD when you have both Medicare Part A and  Part B and a valid Election Period.

You can join a Part D Prescription Drug Plan a.k.a. PDP when you have Medicare Part A OR Part B and a valid Election Period.

You can apply for a Medicare Supplement policy throughout the whole year as long as you have both Medicare Part A and Part B.  Most plans are subject to underwriting review and acceptance.

Annual Election Period applies to MAPDs and PDPs.  It runs from October 15, 2017 to December 7, 2017 and is a time when existing plan members can change plans for the following calendar year.  Also during the year there are certain special election periods subject to Medicare and Plan rules. Contact William J. Goodman Insurance Ltd today at (708)799-2655!