Medicare Open Enrollment

It’s that time of year again! Medicare open enrollment is available between October 15 and December 7, 2021.

Maybe you’ve been enrolled for years or perhaps this is your first eligible year to get Medicare benefits. Read on to learn more about what to do and who is eligible for Medicare.

Who can enroll?

Generally, Medicare is a benefit for people aged 65 and older. However, the insurance also covers some younger individuals with disabilities or specific healthcare conditions (such as renal failure).

What does Open Enrollment mean?

The open enrollment period is a chance for individuals and couples to re-evaluate their plans and decide whether to change the services they access. During this time, you can switch, add or drop parts of your Medicare coverage. You are not generally not allowed to make changes at any other time in the year except with qualified exceptions, so use this time wisely.

Medicare Parts

Medicare has a number of different services (aka, parts) that you can opt in or out to depending on eligibility. Part A is hospital insurance and typically does not cost anything when you have been paying into Medicare during your working life. This section covers things like inpatient stays and hospital care.

Part B has a premium regardless of your work history. The actual amount varies based on your income, but in 2022, this will start at about $158 per month. Part B covers outpatient services such as the costs of doctors and specialists. Click for more information on parts A and B.

Medicare parts C and D supplement your Medicare with private health insurance. Part D involves drug prescriptions in particular. Part C is known as Medicare Advantage and covers parts A, B and D together. Click for more information on parts C and D.

Medicare Checklist

If you’re planning on signing up for Medicare (or renewing your coverage), you’ll first have to check the coverage and services you can access.

It could be worth renewing your “Medicare and You” handbook for 2022 to check any changes to the costs or benefits of services you’re interested in. You can also preview health and drug plans to decide on what you require and check your affordability.

Finally, check your annual notice of change in the mail. This will give you all the further information required to make decisions based on your healthcare.

If you can’t yet access Medicare due to your eligibility but require urgent medical help, we’ve listed a few local health and wellness resources here. Or, let’s schedule an introductory call to discuss your finances and discuss Medicare specialists in your area.