Each year there is an Open Enrollment Period (OEP) which runs from October 15 – December 7. During this period all Medicare beneficiaries have the option to change their Medicare Advantage plans if they choose to. Many Medicare Advantage plans change yearly so OEP is a perfect time to review the changes and determine if that plan still fits your needs.

Reviewing your options each year is important. You have many options when it comes to your healthcare coverage and it is important to review with a Medicare Specialist in order to help keep your out-of-pocket costs to a minimum.

What does Medicare cover?

Part A (Hospital Insurance)

• Run by the federal government
• Helps pay for some of the costs of inpatient care in hospitals, skilled nursing facility care, hospice & home health care
• You must pay a deductible. $1,316 Medicare deductible for each benefit period in 2018.
• Private health plans under Part C or Medicare Supplement (Medigap) policy can help cover costs

Part B (Medical Insurance)

• Run by the federal government
• Helps pay for some of the costs of doctor services, outpatient care & other medical services
• You must pay a Part B premium. The standard Part B premium amount is $134 (or higher depending on your income). However, most people who get Social Security benefits will pay less than this amount ($109 on average).
• You must pay a deductible. After your 2018 Medicare deductible is met, you typically pay 20% of the Medicare-approved amount for most doctor services (including most doctor services while you’re a hospital inpatient), outpatient therapy, and durable medical equipment.
• Private health plans under Part C or Medicare Supplement (Medigap) policy can help cover costs

Part C (Medicare Advantage)

• Plans include BOTH Part A & B
• Some plans include extra benefits such as dental, hearing and vision care & health club memberships
• Run by private insurers and regulated by the federal government
• Costs, extra coverage, and rules vary by plan (some plans have $0 premium)
• Many Medicare Advantage plans have prescription drug coverage (Part D) built in

Part D (Prescription Drug Plan)

• Helps cover the cost of prescription drugs
• Run by Medicare-approved private insurance companies
• May help lower your prescription drug costs and help protect against higher costs in the future

GoldenCare assists individuals in understanding their insurance options within the complex Medicare system. We represent all of the top insurance carriers, which allows us to find a plan that meets our client’s specific needs.

This also ensures that our clients will have access to the most competitively priced products on the market with the most financially secure companies.

Medicare Questions? We can help!

Toll-Free: 855-380-2348 or Local: 763-225-6945

• What are the different parts of Medicare and how do they work?
• How much does Medicare Advantage plans cost?
• What about dental and vision coverage? (sometimes it’s included in the plan!)
• What is the difference between a Medicare Supplement (Medigap) and a Medicare Advantage Plan (Part C)?