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Medicare Advantage and Medicare Supplement Insurance
You never know when an unexpected medical expense may arise. Annual enrollment for Medicare Advantage starts November 15, and ends December 31. With Medicare Advantage plans, you get all the benefits of both Medicare Parts A and B, plus additional benefits for services not covered by Medicare. Medicare Supplement, commonly referred to as Medigap, is a health insurance plan sold by private insurance companies to fill the “gaps” in original Medicare Plan coverage.
Election and enrollment periods for Medicare Advantage are quickly approaching. The Annual Coordinated Election Period (AEP) for enrollment into a Medicare Advantage plan begins November 15 and ends December 31. Current Medicare beneficiaries can make changes during either the AEP or the Open Enrollment Period of January 1 through March 31. Current beneficiaries may make one election during this time.
The Initial Enrollment period for Medicare Supplement Insurance begins for each individual on the first day of the month in which they are both age 65 or older and enrolled in Medicare Part B, and lasts for a period of six months from that date. This is the best time to enroll in a Medicare Supplement plan, because you can purchase this valuable insurance without having to qualify medically, pay a higher rate due to any current or former health conditions, or wait for coverage.
If you are about to turn 65 and are looking for a Medicare supplement plan for the first time, or if you are thinking about changing plans, make sure you make the right choice for your needs and budget. Navigating the maze of available benefits alone can be a daunting task. For help exploring your options for Medicare Advantage or Medicare Supplement plans, contact Chyrica Banks at 615-371-3755.