![]() Often this enrollment period occurs when you turn 65 or when you leave an employer-based plan after 65. ![]() This is the seven-month period during which you can enroll in Medicare for the first time. Steven C Stasoiski is a registered Tax Professional A145961 and Licensed Health and Life Insurance Agent 0I29977 who provides service to individuals, families, small businesses, and Medicare beneficiaries. He lives in Seal Beach, CA and can be reached at 562.596.7213 or with any questions.When to sign up for Medicare Initial Enrollment Period (IEP) ![]() There is an overwhelming amount of information on Medicare and all beneficiaries receive a plethora of it during the enrollment periods. Unfortunately the information is not always as simple as A B C D and adds layers of complexity to a health insurance program that is already misunderstood by many people. It is important to find a trusted source of information that simplifies the many aspects of Medicare and National Medicare Education Week is a good time to do so. The Medicare program schedules actionable event periods throughout the year. Two such periods are the Initial Enrollment Period (“IEP”) and the Annual Election Period (“AEP”). The IEP gives a 65 year old Medicare beneficiary a seven month calendar to enroll in to a Medicare Advantage plan and a six month calendar to enroll in to a Medicare Supplement plan. It is also necessary to obtain Part D – prescription drug coverage within the IEP. The AEP gives all Medicare beneficiaries a period to enroll in a new plan for the next calendar year. The AEP for new plans with an effective date of Januis scheduled for October 15 – December 7, 2019. There are several types of costs for a Medicare beneficiary to be aware of before utilizing the benefits and services of the plan. Premiums, copays, coinsurance, deductibles, and maximum out of pocket costs are not the same for everyone and depend on the type of plan selected. For example, most Medicare beneficiaries paid a Part B premium equal to $135.50 per month this year, but others paid up to $461.50 per month due to previously reporting higher income. Some Medicare beneficiaries may enroll in to a Medicare Advantage plan with service copays and others may enroll in to a Medicare Supplement plan with 100% coinsurance coverage. It is important to understand the costs of Medicare and private insurance. Original Medicare covers about 80% of approved costs, which is why most Medicare beneficiaries enroll in to a Medicare Advantage or Medicare Supplement plan. Most Medicare beneficiaries choose to increase their original Medicare benefits and services by enrolling in to a Medicare Advantage plan or Medicare Supplement plan. A Medicare Advantage plan is administered by a private insurance organization and is referred to as Part C. It covers Parts A and B and can cover Part D in addition to extra benefits and services at no extra cost. A Medicare Supplement plan, also called “Medigap,” is a private insurance plan that supplements original Medicare for an additional premium. Medicare is a federal government health insurance program that provides basic health insurance to people 65 years or older and to people on permanent disability. There are four parts to Medicare. Part A is hospital insurance, which helps cover care when a beneficiary is admitted to a hospital or skilled nursing facility. Part B is medical insurance, which helps cover doctor visits and outpatient care. Part C is private insurance which covers everything parts A and B cover plus more. Part D is prescription drug coverage. Parts A and B, also called “original Medicare,” are provided by the federal government and Parts C and D are provided by private insurance companies. ![]() Today there are more than 60 million Medicare beneficiaries and that number is increasing exponentially as approximately 10,000 people are becoming Medicare eligible every day. Unfortunately, most people don’t understand many aspects of Medicare. “National Medicare Education Week” is September 15th through 21st and is a good time to clarify the program. Johnson enacted Amendments to the Social Security Act that established the Medicare program. ![]()
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