Medicare Changes: What You Need to Know Before the Deadline

Medicare's open enrollment period is here, and it's crucial to understand your options. This period, which runs from October 15 to December 7, is your chance to switch or change your Medicare plan. It's important to note that the deadline is firm, even if it falls on a weekend. During this time, you can switch your Medicare Advantage plan, change your drug plan, or switch between Original Medicare and Medicare Advantage. If you switch to Original Medicare, you might need to add a separate drug plan or Medigap insurance. Medicare's Initial Enrollment Period is different. This is when you first sign up for Medicare, and it starts three months before your 65th birthday and ends three months after. To apply for Medicare, you'll need proof of age, U. S. citizenship or legal residency, employment records, and any relevant marriage, divorce, military service, or past Social Security benefit claims. Medicare has different parts. Original Medicare includes Part A and Part B. Part A covers inpatient care, while Part B covers outpatient care and preventive services. Other parts, like Medigap, Medicare Advantage (Part C), and Part D, are offered by private insurance companies and provide additional coverage. Original Medicare and Medicare Advantage have key differences. Original Medicare allows you to choose any provider that accepts Medicare, while Medicare Advantage limits you to providers within the insurance company's network. When selecting a Medicare Part D plan, be aware of the coverage gap, or "donut hole. " In this gap, you'll pay more for your prescriptions until you reach a certain spending limit.