Guiding You Through Medicare’s Confusing Intricacies: What You Should Know

By Rick White, Licensed Insurance Advisor

Guiding You Through Medicare’s Confusing Intricacies: What You Should KnowGetting the most from your health plan is important to many seniors, but it is not always easy to navigate your way through all of the benefit plans and options. Your plan choices may vary depending on the county in which you live, the medical conditions you have, and your financial status.

It is essential to review your benefits each year between October 15thand Dec 7th. Unless there is a special exception, this is the time you can enroll, disenroll, or change your plan. This timeframe is referred to as the Open Enrollment Period (OEP).

What Do I Need to Know About my Medicare Options?
Medicare is a sophisticated system—maneuvering your way through the intricacies is the tricky part. You’ll want to have the best coverage based on what your income will allow.

Medicare has several parts:
• Part A (Hospital)
• Part B (Physician & Out-Patient Services)
• Part C (Medicare Advantage Plan)
• Part D (Prescription Drug Coverage)

Because Medicare only covers approximately 80% of Part B expenses, most individuals will need to enroll in supplemental coverage to cover the cost associated with outpatient services.

At age 65, most people enroll in Medicare Part A & Medicare Part B. Medicare only covers about 80% of Part B expenses. You are responsible for the other 20%.

When you opt to enroll in Medicare Part C (Medicare Advantage Plan), it combines Part A, Part B, and sometimes Part D coverage. This is similar to PPO & HMO plans, which have copays or deductibles instead of the 20% balance that Medicare does not cover. The benefits depend upon the policy you select.

Special Enrollment Period (SEP)
Whether you’re moving out of state or making a town move, there are opportunities to change your plan or to enroll in a new plan if necessary. Special Enrollment Period allows you to change your policy outside of the Open Enrollment Period. Typically, you have 60 days to change your plan if you move. This will enable you to either keep your existing plan or enroll in new coverage.

Having an experienced agency guide you through this intricate process is ideal so that you and your family are certain not to be left without coverage. Flown.

Because this is the season for open enrollment, it’s critical to review your plan and to seek help if you’re considering making changes to an existing plan.

*Regardless of Open Enrollment and age restrictions, those that already carry a supplement plan can choose to change their plan at any time, and there are options to try and save money on those plans.

Rick White Insurance
The Agents of Rick White Insurance are experts in the field of insurance, serving Ohio, Kentucky, West Virginia, and Florida. Did you know that some insurance laws and plan prices differ from state to state? As an Independent Agency, they work with over 50 of the largest and most respected carriers in the industry. This allows Rick White Insurance Specialists to compare all companies at one time to help you get the best plan for your money, wherever you happen to live.

No matter what type of insurance you are looking to buy, it is important to Rick White Insurance that you get it right first time. This could save you a lot of stress—and possibly lots of money.

Rick White
Licensed Insurance Advisor

Licensed In: OH – KY – WV – FL


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