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Medicare Enrollment Details

4 min read

30 sec brief

Enrolling in Medicare ensure you enact your federal healthcare coverage. Below are the crucial enrollment details you need to get Medicare coverage.

Enrolling in Medicare ensure you enact your federal healthcare coverage. Below are the crucial enrollment details you need to get Medicare coverage.

What is Medicare?

Medicare is a federal health insurance program for people who are 65 or older or certain eligible younger people with disabilities. It includes the following programs:

  • Medicare Part A (Hospital Insurance) – covers inpatient hospital stays, care in a nursing facility, hospice care, and some home health care.
  • Medicare Part B (Medical Insurance) – covers certain doctors’ services, outpatient care, medical supplies, and preventive services.
  • Medicare Part C (Medicare Advantage Plans) – offered by a private company that contracts with Medicare. Medicare Advantage Plans provide all of your Part A and Part B benefits.
  • Medicare Part D (prescription drug coverage) – covers prescription drug costs.

Medicare Initial Open Enrollment Details

The initial open enrollment period is the first time you can sign up for Medicare. You can select any or all parts of Medicare Parts (A, B, C, and D) during this period. The initial open enrollment period is 7 months, based on the following timing parameters.

  • The 3 months before your 65th birthday,
  • The month of your birthday, and
  • The 3 months after your birthday.

Coverage for Part B Medicare begins based on the following parameters:

  • If you sign up during the 3 months prior to your birthday, Medicare coverage beings the 1st day of your birthday month.
  • If you sign up during your birthday month, Medicare coverage beings on the 1st day of the month after your birthday.
  • If you sign up during the months after your birthday, Medicare coverage beings 3 months after your birthday month.
  • If you sign up 2 months after your birthday, Medicare coverage beings 5 months after your birthday month.
  • If you sign up 3 months after your birthday, Medicare coverage beings 6 months after your birthday month.

Coverage for Part D Medicare begins based on the following parameters:

  • If you sign up prior to your birthday, Medicare coverage beings the 1st day of your birthday month.
  • If you sign up during your birthday month, Medicare coverage beings on the 1st day of the month after your birthday.
  • If you sign up during the months after your birthday, Medicare coverage beings on the 1st day of the next month.

2019 Medicare Open Enrollment Details

During the yearly Medicare open enrollment (aka Annual Election Period), eligible Americans can switch their Part D or Medicare Advantage plan.

  • Start Date: October 15, 2018
  • End Date: December 7, 2018
  • Plan Effective Start Date: January 1, 2019

Special Medicare Open Enrollment Details

These all certain qualified users to delay their Medicare enrollment.

Special Medicare Open Enrollment Specifications:

  • While you are covered by an employer (after the age of 65, with employers 20 or larger).
  • You can enroll in Medicare Part A or Part B up to 8 months following the month your employer or group health plan coverage ends, or employment ends (whichever is first).
  • You can enroll in Medicare Part C or Part D up to 63 days following the day your employer or group health plan coverage ends, or employment ends (whichever is first).
  • You can also enroll in Medicare Part D if you:
    • You move out of your current plan area of service
    • You move to, leave, or live in a nursing home
    • Your plan changes and no longer provides services in your area,
    • You use the Low Income Subsidy (LIS) with your Medicare prescription drug costs.

You might be able to enroll outside of these enrollment periods, with a penalty.

Medicare enrollment ensures you are covered for healthcare costs. The complexities of the enrollment process are the only thing standing in your way for lower healthcare costs and the coverage you are entitled too.

Disclaimer: the content presented in this article are for informational purposes only, and is not, and must not be considered tax, investment, legal, accounting or financial planning advice, nor a recommendation as to a specific course of action. Investors should consult all available information, including fund prospectuses, and consult with appropriate tax, investment, accounting, legal, and accounting professionals, as appropriate, before making any investment or utilizing any financial planning strategy.

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