Medicare Enrollment 2020
Medicare has created a number of different insurance plans to meet seniors needs in various ways. The Original Medicare plan is a basic healthcare plan that covers seniors for common medical costs and services. The Part D plan is a powerful prescription drug plan. Medicare Advantage offers comprehensive medical cover that surpasses what other medical plans offer. The Medicare Supplements work alongside Original Medicare to fill in the gaps it leaves. The Medicare enrollment 2020 period for each of these plans will vary, and that will affect when you can sign up for the plan or when you can switch plans.
Who Qualifies for Medicare?
Medicare is generally reserved for seniors, or those who are 65 years old or older. In general, you have to be a US citizen or a permanent resident of five years or more before you can qualify for Medicare. There will be times where exceptions are made for these rules, and those exceptions generally apply to people who are diagnosed with an eligible medical condition. If you think you may qualify for Medicare outside of the standard eligibility guidelines, then you should contact a Medicare representative or one of our insurance experts to be assessed.
If you already have Original Medicare, then you generally will qualify for the other kinds of Medicare plans, even if they come from a private insurance company. You do need to be aware of how different Medicare plans conflict with one another, though. Original Medicare and Supplements plans work well together, but Supplement plans and Advantage plans will conflict, and you will not be able to have two conflicting plans at the same time. When plans conflict with one another, they will have some of the same coverage, and you will need to choose between one plan or the other.
When Can You Enroll?
There will be specific times in your life or set times of year that you can sign up for Medicare plans. These are enrollment periods, and trying to sign up for a plan outside of those times will usually be met with failure. You should be aware of the enrollment periods so that you apply at the right time and do not miss your signup window.
Enrollment for Original Medicare occurs when you first turn 65. You can sign up around your 65th birthday, but you may also be enrolled automatically if you qualify. Automatic enrollment happens often, and that usually occurs when you meet the eligibility requirements as well as the reduced rate requirements. You pay less for Medicare if you have worked for a number of years or your spouse has worked. In both cases, Medicare taxes will have to have been paid to qualify you for a reduced rate. Some people don’t even have to pay specific Medicare costs because of their work history. You can talk to us or a Medicare representative to find out if you qualify for Medicare enrollment 2020 or a reduced rate of any kind.
Medicare has an Open Enrollment period in which you are guaranteed the best rates for plans and are guaranteed approval for the plan you apply for. This occurs from October 15th and lasts until December 7th. If you sign up for a Medicare plan in that enrollment period, then the coverage will go into effect starting on January 1st. It will last for a full year, after which you will need to renew your coverage or decide on a different coverage method moving forward.
When to Change Plans
If you try to apply outside the specific enrollment periods, you will generally not be approved. If you try to switch plans before your term is up and enrollment comes around for that year, then you may not be successful. That is why you need to be very careful in applying for any plan. Once you are approved and you agree to the terms of the plan, then you will be locked into that plan for a full term, which is usually a year long. It’s tough to get out of your plan or switch plans while the plan is active.
You will sometimes be allowed to change plans without any penalty if you move outside of your plan’s coverage area. Your plan will no longer be valid, and you will need to choose something else for your medical coverage. You can also be let out of your plan’s term if the plan is misleading and you require a different kind of coverage plan.
You may also be allowed to change plans if you meet the 5-star rule requirements. This means that you are signed up for a plan that has not been rated 5 stars and you then find a plan in your area that has that exemplary rating. When this occurs, you can switch plans at any time.
If you would like to know if you qualify for a plan change, then please get in touch with us. We will be happy to help you determine eligibility for this process and assist you in finding the right plan.
Be warned that if you wait to sign up for Medicare plans after you are first eligible, then you may have to pay a penalty cost. This penalty usually increases the longer you wait to sign up, so check for relevant plans as soon as you are eligible. We can help you find plans and even find you affordable rates on the plan you want.
Our site is designed to help you save as much money as possible and to find affordable healthcare that suits you. If you are interested in Medicare enrollment 2020 and think one of the various Medicare plans may be a good fit for you, then please get in touch with us. We are assisting seniors like you in saving money and finding the coverage they need to feel peace of mind about their healthcare. The sooner you find a suitable plan, the more money you are likely to save- so get started soon.