Learn Facts about Medicare Open Enrollment
The initial introduction of Medicare was done in the year 1966. This is a health insurance program by the federal government that aims at providing coverage for people above the age of 65 years and those below 65 years with some disability. According to statistics, the number of Americans who benefit from this health plan annually is about 60 million. These Americans make use of hospital insurance Medicare Part A ,medical insurance which is Medicare Part B, and prescription drug coverage which is Medicare Part D. Medicare open enrollment is certainly what you are waiting for if you are planning to change your current coverage. This is a good concern considering that you would not like the Medicare open enrollment period to pass and have to wait until the next one to come. If you would like to know more concerning Medicare open enrollment, read on.
You need to start by understanding what Medicare open enrollment is. But even before you get to appreciate what Medicare open enrollment is, you should understand the meaning of the Medicare open enrollment period is. During the medicare open enrollment period, you get the opportunity to make the right changes to varying features of your coverage. This is the period when you can effect changes that you may need to effect to ensure that the plan suits your needs. Although one can make so many changes on their plan, it is good to mention the most common.
First, you can change your current Medical plan to Medicare Advantage plan. You might also change your Medicare Advantage plan. Alternatively, you can change to a different plan in case you have a Medicare Part D. You should know that it is near the year-end when Medicare open enrollment takes place. In case there are some changes you would like to change on your plan, make sure that the Medicare open enrollment that will start this year on October 15th and will close on December 7th this year does not pass you. However, make sure that you have taken time to ponder about the changes you want to effect early enough.
If you are okay with the Medicare plan that you have, you will not have to make some changes. This means that you will not have to do anything during the Medicare open enrollment period. If there are no reasons that can cause discontinuation of your plan, it will auto-renew, and the same plan will carry on to 2020. Since there may be changes in the plan annually, make sure that you check if there are any changes.