Understanding Medicare Enrollment Periods — Made Simple!
If you are approaching Medicare age or are already enrolled, you’ve probably heard many terms like AEP, OEP, and SEP. It’s quite confusing! Let’s jump in. 1. Initial Enrollment Period (IEP) – Your Medicare “Welcome Window” This is your first chance to sign up for Medicare when you turn 65. It starts 3 months […]
Medicare Part D: What About Prescription Drug Coverage?
Medicare Part D helps cover the cost of prescription drugs, but not all plans are the same. Private insurance companies (not Medicare itself) offer Part D plans, and each company creates its list of covered drugs, known as a formulary. That means one plan might cover your medications at a lower cost, or not at […]
Still Working? Your Medicare Timeline Might Be Different
What’s the Initial Enrollment Period for Medicare? Your Initial Enrollment Period (IEP) is your 7-month window to sign up for Medicare when you turn 65. It starts: 3 months before your birthday month Includes your birthday month Ends 3 months after your birthday month Example: If your birthday is in July, your IEP runs from […]
10 Essential Questions When Choosing Between Medicare Supplement and Medicare Advantage
1. What are my monthly premiums and out-of-pocket costs? 2. Do I travel frequently or live in multiple locations? 3. Will my preferred doctors and hospitals accept the plan? 4. Is it worth the extra expense to maintain access to my current doctors and specialists? 5. Am I comfortable with needing referrals to see specialists? […]
Income-Related Monthly Adjustment Amount for Medicare Beneficiaries (IRMAA)
What is IRMAA? IRMAA stands for Income-Related Monthly Adjustment Amount. Depending on your income, an additional charge is added to Medicare Part B and Part D premiums. If your income exceeds a certain threshold, you’ll pay a higher premium for your Medicare coverage. IRMAA was passed as part of the Medicare Modernization Act of 2003. […]
Medicare Advantage vs. Supplement + Part D: What’s Right for You?
Navigating the world of Medicare can be overwhelming, especially when deciding between a Medicare Supplement plan + a Part D plan, and a Medicare Advantage plan. Both options have unique benefits and are suited to different needs and lifestyles. Here’s a guide to help determine the best fit for you. Medicare Supplement + Part D […]
Medicare Basics for People Turning 65
If you turn 65 soon, you’ve probably started hearing about Medicare. It can initially feel overwhelming, but we’re here to make it easy. This guide will walk you through the four parts of Medicare—what they cover, how they work, and how to get started. The 4 Parts of Medicare Medicare is divided into four parts: […]
Advantages of a Medicare Advantage Plan
Medicare Advantage (MA) plans, also known as Medicare Part C, are an alternative to Original Medicare (Parts A and B) offered by private insurance companies approved by Medicare. These plans bundle hospital insurance (Part A), medical insurance (Part B), and often prescription drug coverage (Part D) into a single plan. Medicare Advantage plans can provide […]
Advantages of a Medicare Supplement + a PDP
Combining a Medicare Supplement Plan (Medigap) + a Part D Prescription Drug Plan (PDP) offers a robust approach to managing healthcare costs and coverage for Medicare beneficiaries. Below are the key advantages of this combination: 1. Coverage for Medical and Prescription Needs Medicare Supplement Plans help cover out-of-pocket costs not paid by Original Medicare (Parts […]