Medicare Basics
What is Medicare?
Medicare is a federal health insurance program that gives you access to specific coverage and benefits. Medicare is different from health insurance you may have had before. It offers you a variety of coverage options — and it has key enrollment dates and guidelines you need to follow. We’re here to help you make sense of it all.
How is Medicare Different From Other Health Insurance?
You may be surprised at the differences between Medicare and other types of health insurance. If you’ve had health coverage through your employer, your plan likely included medical and prescription drug coverage, along with other benefits. It also may have covered both you and your spouse.
Medicare only covers one person at a time. This means you and your spouse must enroll separately. In addition, Medicare gives you options that can make it possible to receive your benefits in a variety of different ways.
You can:
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Choose hospital and medical coverage delivered through the federal government.
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Add prescription drug coverage delivered through a private company.
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Purchase a supplemental insurance policy from a private insurer that can help cover some of the costs.
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Choose coverage from a private insurer that combines hospital, medical and often prescription drug coverage into one plan.
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In short, with Medicare you can choose coverage that fits your needs, budget and lifestyle. We can help you take full advantage of that freedom.
Medicare Annual Enrollment Dates
Beginning October 15th and ending December 7th, the Medicare Annual Enrollment Period (AEP) is generally the time when you can join or switch Medicare Advantage or Part D prescription drug plans.
Medicare Advantage Open Enrollment
There's also a Medicare Advantage Open Enrollment Period that begins January 1st and ends March 31st. During this time, if you're in a Medicare Advantage plan and want to change your coverage, you can switch to a different Medicare Advantage plan with or without prescription drug coverage. You can also go back to Original Medicare and, if needed, join a Part D prescription drug plan.
Special Enrollment Periods
Throughout the year, you may be able to sign up for Medicare during a Special Enrollment Period. These are typically reserved for times when certain events happen in your life — and each Special Enrollment Period can have different rules, depending on the circumstances. Reasons for a Special Enrollment Period may include changing where you live, losing your current coverage or if your plan changes its contract with Medicare.
Coverage Changes
Your health care needs can change from year to year. So do health plans. Fortunately, Medicare gives you the ability to join a plan or change your coverage during certain times of the year.