Don’t wait until the last moment to consider your Medicare options. Medicare’s Annual Enrollment Period runs annually from October 15th through December 7th. If you are at least 65 or older and eligible for Medicare, here is what to know as you review your Medicare plan options.
If you currently have a Medicare plan, be sure to review your current plan’s Annual Notice of Change, as benefits may change year to year. It’s essential to note any changes in your medical, health, lifestyle, and financial needs. A better Medicare Advantage plan option may be available for the following year. Also, be sure to check your current Medicare plan’s drug formulary. Formularies change year to year, so you want to ensure your plan still covers your prescriptions. Make a note of the drug tier your prescriptions fall under and the associated copay. Outside of Medicare’s open enrollment period, you may be unable to make necessary changes to your prescription drug coverage, Medicare plans, or your Medicare Advantage Plan.
What Are the Parts of Medicare?
There are four parts of Medicare: Part A, Part B, Part C, and Part D, for Medicare beneficiaries to consider. Medicare Part A provides inpatient/hospital coverage. It may also be used for home health, hospice, and nursing home care. Medicare Part B features outpatient/medical coverages, including services from doctors and other health care providers and some preventative services.
Medicare Part C, commonly referred to as Medicare Advantage, is coverage that often provides benefits beyond Original Medicare and is offered by Medicare-approved private insurance companies that must follow the rules set by Medicare. Also, there is a Medicare Supplement Plan. Private insurance companies offer this plan, also known as Medigap coverage, which helps pay for costs Medicare doesn’t cover, such as deductibles and coinsurances. Often, a Medicare Advantage Plan also includes drug coverage (Part D). The Medicare Part D Prescription Drug Plan covers most outpatient prescription drugs. Medicare Part D is offered through private insurance companies either as a stand-alone plan for those enrolled in Original Medicare or as part of your Medicare Advantage Plan.
Meet our Medicare Specialist
Brooks, Todd & McNeil is pleased to introduce our new Medicare Specialist, Marissa Hiebel, to the team. Marissa has been in the Life & Health insurance industry for nearly a decade. Before joining Brooks, Todd & McNeil as a Medicare Advisor, she worked for Hartford HealthCare, where she built their Medicare Education Department from the ground up. During that time, Marissa presented over 700 in-person seminars and virtual webinars to over 4,000 Medicare eligibles, educating and assisting thousands through the process.
How can Brooks, Todd & McNeil help you prepare for the Medicare Open Enrollment Period?
Toolkit Topics
Visit https://www.brookstoddmcneil.com/medicare-supplement-insurance/ for more resources and additional information about Medicare Advantage, the federal Medicare program, and the Medicare initial enrollment period.
Monthly Webinars
If you need more information about the basics concerning Medicare and Medicare’s Annual Enrollment Period, join one of our weekly Medicare 101 webinars hosted by Marissa Hiebel. Learn more about how to prepare for the Medicare open enrollment period, including:
- What Medicare is and how it works
- Medicare’s Enrollment Periods
- Medicare Advantage Plans
- Medicare Supplement Plans
- Medicare Prescription Drug Coverage
- Things to think about when choosing a Medicare plan
- Live Q&A with the Specialist
To register, click here.
Contact our Brooks, Todd & McNeil Medicare Specialist
If you would like to discuss your Medicare coverage options for the fall open enrollment period, please contact Marissa Hiebel by email at Mhiebel@brookstoddmcneil.com or by phone at 860.966.8800. As a licensed insurance agent, she can help you navigate open enrollment and assess your overall needs both today and as your health care needs change over time.