Are You Prepared for Medicare Open Enrollment?
The Medicare Open Enrollment Period for 2020 is in full swing. Here is all of the information you need to know before updating your enrollment status:
Timeline: Open enrollment began on October 15 and ends on December 7.
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Eligibility and Enrollment: If you’re over the age of 65 or have a specific medical disability, you’re eligible for federal health insurance through Medicare. You can compare costs and coverage at Medicare.gov.
What Medicare Covers: Original Medicare plans are broken into parts that cover specific services. Part A covers hospital stays, hospice, and certain types of home health care. Part B covers doctor’s visits, outpatient care, and preventive services. Part D covers prescription medication. Bundled plans, like Medicare Advantage, include all features of traditional Medicare plans, but offer additional services, like vision care, dentist’s visits, and overseas coverage.
Why You Should Consider Updating Your Coverage: Unlike Parts A and B of Medicare coverage, subscribers have the option to choose a specific Part D prescription plan, which often results in higher out-of-pocket costs. Be sure to shop plans and make a selection that provides you with the best coverage at a rate that fits into your budget. You can read more about enrollment mistakes to avoid here.