It’s getting to that time of year again when open enrollment comes back around. Finding health insurance is tough enough as it is, but luckily, there are plenty of choices for people in a certain age group.
If you’ve just turned 65 years old this year, Medicare is now an option. It’s a federal health insurance program specifically for older individuals, and you don’t have to pay a dime for it in some cases. But what exactly counts as Medicare coverage and what are the requirements?
Here’s everything you need to know about Medicare open enrollment, how to get started, and how to find your health coverage for 2022.
Requirements
Medicare is available for anyone over the age of 65. However, younger people with disabilities or those with End-Stage Renal Disease also qualify.
You can get Medicare Part A for free if you’ve been working and paying taxes for at least ten years. You also must be eligible for Social Security benefits or are getting retirement benefits already.
Medicare Open Enrollment Period
The Medicare open enrollment period begins at different times depending on your status. If your 65th birthday has recently passed, you’re eligible for Medicare and can join a plan whenever you like.
Otherwise, the default open enrollment for Medicare runs from October 15 to December 7. In this time frame, you can join a plan, switch it, or end your coverage. Whatever you decide on goes into effect on January 1st.
If your status changes at any point, such as a major life change, open enrollment may re-open for you to adjust your insurance.
A Medicare Advantage plan offered by a private company allows you to opt-out of their insurance from January 1 to March 31.
Medicare Plans
Medicare comes in a variety of different forms. Part A and Part B cover hospital and medical care. The first is free, while the second requires a monthly premium.
Part C refers to an Advantage Plan offered by a private company with more comprehensive coverage. This can include the costs of preventative services and medical equipment, along with hospital and doctor visits.
Part D provides drug coverage, like a prescription.
Additional Coverage
Depending on the type of coverage chosen, customers may need to spend extra on additional coverage for dental and vision.
Despite expectations, dental and vision aren’t usually included in your health insurance. Unless a dental emergency warrants a hospital visit, you’ll have to pay 100% out-of-pocket.
To avoid that, look for a private plan that includes additional coverage or find supplemental insurance.
Get the Right Health Insurance
Medicare open enrollment provides an opportunity to get get a new health insurance plan that better fits your needs.
If you need to save money, Medicare Part A can help you in an emergency with covered hospital visits. Meanwhile, an Advantage Plan provides more substantial coverage but with monthly payments.
Need help to figure out the best choice? FutureWise Insurance allows you to view and compare thousands of insurance plans for you and your family.
Contact us today to get a free insurance quote.