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Medicare is a government-backed insurance program for people age 65 and older. However, certain people under the age of 65 can qualify for Medicare coverage. The Medicare program is divided into several parts, each covering expenses for different aspects of healthcare.Â
If you are enrolled in an Original Medicare plan, you will notice that you are often required to pay some out-of-pocket amounts when you receive health care. Medicare Supplement Insurance plans, also known as Medigap plans, exist to fill the cost gaps left behind by Original Medicare benefits.Â
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Medicare provides affordable health care coverage to American citizens who meet the eligibility requirements. If you are 65 or older, you are automatically eligible to enroll in a Medicare policy. People under the age of 65 who have been diagnosed with Amyotrophic Lateral Sclerosis or End-Stage Renal Disease may also be eligible for Medicare enrollment.
Some people receive Original Medicare (Medicare Part A and Part B) insurance automatically, but others have to sign up for these programs independently.
There are several standardized periods wherein U.S. citizens are allowed to enroll in different Medicare policies.
The Initial Enrollment Period is a 7-month period that starts three months before the month someone turns 65 and ends three months after the month they turn 65.
During the Annual Enrollment Period, you can switch from Original Medicare to a Medicare Advantage plan, change your prescription drug coverage, and update your coverage by switching plans or insurance providers.
The General Enrollment Period is a timeframe within which people who missed their Initial Enrollment Period will be able to enroll in Medicare policies.
If you want to enroll in a Medicare Supplement Insurance (Medigap) policy, the best time to do so is during the Medicare Supplement Open Enrollment Period. During this period, you cannot be denied Medigap coverage by insurance providers.
The Medicare Advantage Open Enrollment Period is a timeframe wherein Original Medicare and Medicare Advantage beneficiaries can switch to a new plan.
Special Enrollment Periods allow prospective Medicare beneficiaries to enroll in Medicare or make changes to their Medicare coverage outside of the General and Initial Enrollment Periods. To qualify for a Special Enrollment Period, you must fit a specific set of special circumstances. Some of these circumstances include:
Determining whether you are eligible to enroll during a Special Enrollment Period can be difficult if you do not have significant knowledge of the Medicare system.
Grutz Financial can help you understand if you will be eligible for special enrollment and provide you with answers to any other Medicare or Financial Planning questions that you may have. Contact us now to find answers to your questions.
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