Art of Insurance Blog
Are you wondering when the right time for your Medicare plan registration is? Read this article to know better.
Medicare Part A and B Enrollment Period
Those people who receive their Social Security benefits can have automatic enrollment for Medicare Part A and Part B. In case you still don’t know, such coverage begins in the first month you reach 65 years old.
On the other hand, if you still haven’t claimed your Social Security, you should register for Medicare.
You may register for Medicare Part and Medicare Part B within seven months, starting three months before turning 65.
If you delay signing up for every 12 months, your premium for Part B will increase by 10%.
Medicare Part D Enrollment Period
For prescription drug coverage or Medicare Part D, the initial enrollment duration is the same as the seven months from your birthday of Parts A and B. However, it has a different penalty.
Late enrollment fine applies as you turn 63 or more without prescription drug coverage. The fine is one percent of the national base beneficiary premium times the number of months without such coverage. As the premium increases, your penalty grows as well.
Medicare Supplement Plan Enrollment Period
Medicare supplement plan is different from other medicare parts. It has a six-month enrollment period beginning at 65 years old and enrolled in Part B.
At the time of open enrollment, health insurance companies or private agencies sell this supplement insurance regardless of your current health conditions.
After enrolling, the insurance companies use medical underwriting to determine how much they’ll charge your policy and reject some they do not want to cover. Once you miss open enrollment, there will be no guarantee to get this insurance without an underwriting process.
Medicare Open Enrollment
You can change or adjust your Medicare coverage on the open enrollment period starting October 15 to December 7. Within this period, you can switch to a prescription drug plan or part D. You may even join a medicare advantage coverage or the other way around to return to traditional medicare.
Changes are done at this period and take effect on January 1 of the coming year.
Medicare Advantage Open Enrollment
You can make changes in your Medicare advantage plan from January 1 to March 31 of every year. However, you can only change once per enrollment period. Changes take effect once your request has been received.
Do you want to improve your coverage? Then, get Medicare Advantage insurance from your reliable agency to make things better for you.
At Art of Medicare, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (702) 776-7726. Get your free quote today by CLICKING HERE.