Key Considerations Now That Medicare Open Enrollment Has Begun

Medicare open enrollment runs from October 15, 2018 to December 7, 2018.  Open enrollment is the period in which current Medicare enrollees can adjust their current coverage.  Participants can move from Original Medicare to Medicare Advantage or vice versa, change Medigap plan coverage, and more.

Many people believe the best thing about turning 65 is that they become eligible for Medicare.  Obtaining health insurance without worrying about pre-existing conditions, your age, your overall health, and more is something that we all covet.  It is important, when enrolling in Medicare, to be cautious of what you need to do and when to avoid some expensive pitfalls that can add to the cost of your premiums as well as medical expenses.

These pitfalls can be avoided by making smart decisions when it comes to your Medicare coverage.  Right now, during open enrollment, participants are in the ideal position to ask questions, gather information, and make the vest decisions on their health care coverage.

Pitfalls to Avoid

#1 Pitfall – Not Covering the Gaps in Coverage

Medicare is medical insurance however it is not like the health insurance that is provided by your employer.  With employer sponsored health care plan participants most often pay one premium for their comprehensive insurance plan.  Once this is paid, the participant is then required, in most cases, to cover their yearly deductible and regular co-payments and that is as tricky as it gets.  That is not the case with Medicare.

Medicare insurance is offered in a number of different combinations.  Traditional Medicare, Plan A and B, cover hospital and outpatient services.  Each has its own premium, own deductible, and own copayments.

Many enrollees assume this is all the health insurance coverage that they will need.  This is however, not the case.  Medicare Part A and Part B are not comprehensive medical insurance plans.  There are gaps that need to be filled in such as prescription drug coverage, overseas medical coverage, and other out-of-pocket expenses.  To fill in the gaps that are left by traditional Medicare Part A and Part B participants have the opportunity to enroll in additional insurance plans, Medigap.

Another major difference to note between employer sponsored health care and Medicare is the out of-pocket limits.  With most employer-sponsored plans there is a limit to the amount of money, out-of-pocket, that participants will have to pay, a cap.  This is not the case with Medicare.  With Medicare coverage there isn’t a cap to the amount of money that participants are expected to cover.

Again, this is a pitfall that is easily taken care of with the purchase of additional Medigap coverage.  Medigap, or Medicare Supplemental Insurance as it is also known, are plans that reduce the out-of-pocket costs participants are required to pay.

During open enrollment you are allowed to change plans if a different Medigap plan will better suit your situation or choose a Medigap plan to enroll in if you have not previously done so.

The experts at eMedicare Supplemental Insurance, powered by Omega, have all the answers you are looking for when it comes to your Medicare Supplemental Insurance needs.  More information can be found at http://emedicare-supplemental-insurance.com/.

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