When is the Medicare Advantage Open Enrollment (OEP)?
The Medicare Advantage Open Enrollment (OEP) takes place every year from January 1st – March 31st. Changes to Medicare plans made during this time will take effect the 1st of the following month of applying. For example, changes made in March will be effective April 1st. *The new OEP is replacing the Medicare Advantage Disenrollment…
Do I need Medicare if I am still working?
Even if you already have creditable coverage, you may need to sign up for Medicare. It depends on the number of employees your employer has in the company.
Do I need to enroll in Medicare if I have retiree health insurance?
Employers are not required to provide retiree coverage. Therefore, the benefits, premiums and coverage can be changed or canceled. To get full benefits for retiree health insurance, you may have to enroll in Medicare Parts A and B.
Can I delay my Part B enrollment without a financial penalty?
If you have creditable health insurance coverage as good as Medicare; yes, you can delay your Part B. If you don’t enroll when you’re first eligible for Part B, you can delay Part B enrollment and sign up for Part B later without paying a late enrollment penalty.
When can I add Part B to my Part A Medicare?
IEP: If you apply for Part B during “Initial Enrollment Period or Open Enrollment Period”, you won’t have to pay a late enrollment penalty. GEP: If you apply for Part B during the “General Enrollment Period”, the coverage will be effective July 1st. If you delay your Part B and do not have creditable health…
Do I need to renew my Medicare coverage each year?
Medicare Parts A and B automatically renew annually. Since benefits, providers, drug formularies and cost sharing can change every year, it is advisable to check if there are any changes that will affect your out of pocket expenses annually.
Do I need Medicare if I have insurance through my employer?
Depending on the size of the employer, you may be able to delay Parts A and B without having to pay a penalty if you enroll later.
Do I need anything else if I have Parts A and B?
Part A covers hospital insurance such as hospital care, skilled nursing facility care, short-term nursing home care, home health-care and hospice. Part B covers medical services and supplies that are needed as necessary according to patient’s health condition such as doctor visits, outpatient care, preventive services, ambulatory services, and durable medical equipment. Although…
When do my Medicare benefits start?
IEP: If you sign up for Part A and/or Part B, your coverage starts as noted below: If you sign up for Part A and/or Part B this month: Your coverage starts: The first 3 months prior to turning 65 The month you turned 65* The month you turn 65 1 month after you sign…
When can I change my Medicare if I don’t like my coverage?
If you choose to disenroll from Medicare Part A and/or B, you may receive a penalty when you reapply later on. If you have Original Medicare Parts A and B; you can add a Medicare Advantage (Part C), Medicare Prescription Drug (Part D) or a Medicare Supplement (Medigap) during specific enrollment periods. Below are some…