Medicare eligibility begins at age 65 for most Americans. Most Medicare beneficiaries receive Medicare Part A without a monthly premium (as long as you worked for 10 years in the US and paid Medicare taxes). Medicare Part B requires paying a monthly premium. Higher income earners may pay more for Part B and Part D coverage.
Medicare has three types of enrollment. First is the initial enrollment period which allows you to sign up when you first become eligible. You enroll through the Social Security Administration. The initial enrollment window is 7 months long. You need to enroll during the three months prior to your birthday month in order to have coverage that takes effect when you turn 65. If you wait to enroll your coverage dates will be delayed.
The second type of enrollment is an Open Enrollment Period. From October 15 through December 7, 2021 is the current Medicare Open Enrollment period. During this time frame, you can join, change or cancel a plan. The last type of enrollment period is the Medicare Advantage Open Enrollment which starts in January and allows you to switch to a different Medicare Advantage Plan or back to original Medicare.
Now is the time to review your current Medicare coverage and research any upcoming changes to the costs or benefits. You should receive some notices in the mail including your Annual Notice of Changes (ANOC).
What You Can and Cannot Do During Open Enrollment:
You can:
- Switch from Original Medicare to Medicare Advantage or vice versa;
- Switch from one plan to another;
- Change your Medicare Part D prescription plan; and/or
- Enroll in Medicare Part D if you have not done so previously.
You cannot:
- Enroll in Medicare if you did not do so when you were first eligible. You will need to wait until the Medicare general enrollment period, which runs from January 1-March 31, 2022.
- Enroll in or change any Medigap plans.
Each part of Medicare has costs associated with it. These come in either the form of premiums, out-of-pocket medical expenses or both. The latest costs for 2022 have recently been published. You can compare prices and shop for plans on the Medicare website.
At Stouffer Legal, we try to keep you informed and up-to-date on the issues affecting your retirement planning, long-term care plans and estate plans. To learn more about how Medicare fits into your overall plan, contact the experienced elder law attorneys at Stouffer Legal in the Greater Baltimore area. You can schedule an appointment by calling us at (443) 470-3599, emailing us at office@stoufferlegal.com, or register for an upcoming free webinar using the link below:
https://attendee.gotowebinar.com/register/6062932933914417935
https://attendee.gotowebinar.com/register/3934427956163075852
https://attendee.gotowebinar.com/register/3571666084810971404
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