While Medicare is optional, there are reasons why seniors choose to enroll in Medicare once they are eligible. Let’s go over some of those reasons.
The Many Plan Options
Medicare has four different parts: A, B, C (Medicare Advantage), and D (prescription drug coverage). Each of these parts will provide specific coverage for specific services. There are also Medigap plans available if you are enrolled in both Parts A and B (Original Medicare). These supplemental plans will range in coverage from the most basic to the most comprehensive, covering the out-of-pocket costs that Original Medicare doesn’t cover.
Overall, the various options available with Medicare can provide seniors with many different options to choose from to find a plan that works for them.
There Are Several Enrollment Periods Available to You
Most people will become eligible for Medicare when they reach age 65 and will either be automatically enrolled or have to enroll during their Initial Enrollment Period, which begins three months before their 65th birthday. If you aren’t automatically enrolled and do not enroll during your Initial Enrollment Period, you could end up having to pay late enrollment penalties for delaying your enrollment.
However, there are other enrollment periods that you can take advantage of that will allow you to enroll for the first time or change your coverage, which include:
- General Enrollment Period
- Special Enrollment Period
- Annual Enrollment Period
- Medicare Advantage Open Enrollment Period
- Medigap Open Enrollment Period
You Can Have Medicare With Other Health Insurance
Even if you already have current health insurance, you can still enroll in Medicare once you become eligible. For example, if you happen to still be employed and have health insurance through your employer, you can still go ahead and enroll in Medicare, as this will increase the amount of coverage you have.
This can also stand true if you have coverage through the VA. You will be restricted to only getting your care from a VA facility with just VA coverage. With Medicare, this will increase your options to receive care from anyone who accepts Medicare.
Have Questions? Give Us a Call
If you’re nearing age 65 and are trying to understand the health insurance options available to you, reach out to ReLion Insurance Solutions today. We can help you compare your Medicare options.