5 Medicare Enrollment Periods & What You Can Do During Each One
Did you know there are five different Medicare enrollment periods? You may qualify to enroll or make changes to your current coverage and have no idea! AEP is just a few months away, so we’d like to share with you what you can do during the various enrollment periods so you are properly prepared.
Initial Enrollment Period
Your Initial Enrollment Period (IEP) is typically your first opportunity to enroll in Medicare. Your IEP is three months before your 65th birthday and three months after. This gives you a seven-month window to enroll in your preferred coverage.
In most cases, if you do not enroll in Part A and Part B (Original Medicare) during your IEP, you will be charged a late enrollment penalty fee that will be added to your monthly Part B premium. If you do not have prescription drug coverage, you should also consider enrolling in a Part D plan to avoid other penalties down the road. You are not required to enroll in a Medicare Advantage or Medicare Supplement plan, but you should consider enrolling to optimize your coverage.
The General Enrollment Period (GEP) is for those who are enrolling in Medicare for the first time but missed their IEP. The GEP runs from January 1 to March 31 each year, and coverage will begin in July.
During the GEP, you can:
Enroll in Original Medicare if you missed your IEP
*If you enroll for the first time during the GEP, you can follow up by enrolling in a Medicare Advantage plan during a period from April 1 through June 30.
Annual Enrollment Period
The Annual Enrollment Period (AEP) runs from October 15 to December 7 each year. During this time, all Medicare beneficiaries can make changes to their plans. You may not need to do anything during AEP. However, major insurance carriers can change the benefits that they offer every year. It’s possible that a change in your plan benefits or your provider network will change how you feel about your plan. Ultimately, it’s always a good idea to speak with an agent. Any changes you make during AEP become effective on January 1 of the following year.
Most people can only make changes to their plans once a year (during AEP), but if you qualify for a Special Enrollment Period you can make those changes during different times of the year or even all year long. Lifelong SEPs allow you to change plans once every quarter for the first three quarters of the year. Circumstantial SEPS allow you to change plans once following a particular event.
Starting in 2019, there will be a new “Medicare Open Enrollment Period” that will run from January 1 through March 30. OEP was created for anyone who signs up for a Medicare Advantage plan during AEP to enroll in a different plan, without having to wait until the following fall. You do not have to do anything during OEP unless you are unhappy with the coverage you enrolled in during AEP.
Change from Medicare Advantage to Original Medicare only, with the option to add a prescription drug plan
Contact Medicare Plan Finder
Are you looking to enroll in Medicare Advantage, Medicare Supplements, or Part D? Are you still confused on which Medicare enrollment periods you qualify for?
Our agents at Medicare Plan Finder can answer any of your questions and simplify the enrollment process. They are contracted with most of the major carriers in your state so the agent should not show bias when enrolling. To speak with a licensed agent and to learn about plans in your area, click here or call 844-431-1832.
This blog was originally published on 10/23/18 and was updated on 7/15/19.
Everything You Need to Know About Medigap Plan M
More than one in four beneficiaries are enrolled in a Medicare Supplement (Medigap) plan. These plans work alongside Original Medicare and provide financial protection like help paying for your deductibles, coinsurance, and copays. There are ten different types of plans (A, B, C, D, F, G, K, L, M, and N) and each letter represents a different level of protection for a different price. You can have fewer benefits for a smaller monthly premium, or get more benefits for a slightly higher monthly premium. Is Medigap Plan M right for you?
What is Medigap Plan M?
Medigap Plan M is one of the cheaper options on the market because it doesn’t offer as many benefits. However, it still has more benefits than other plans (like plans K, L, and A). Specifically, Plan M covers:
100% of blood work copays (up to three pints)
100% of hospice coinsurance & copayments
100% of skilled nursing facility insurance
100% of your Part A coinsurance & hospital costs
100% of your Part B coinsurance & copayments
100% of your Part B excess charges
50% of your Part A deductible
80% of a foreign travel emergency
The only benefit that is not covered is the Part B deductible. The only plans that cover the Part B deductible are Plan F and Plan C, but they are both going away in 2020. This is because Congress found that paying the Part B deductible encouraged people to go to the doctor more often than needed. You will need to enroll before 2020 to be grandfathered-in. However, if you choose to enroll in another plan (like Plan M), you will be responsible for the Part B deductible, but it’s only $185 in 2019.
Medicare Plan M vs. Medicare Part M (Are They Different?)
Medicare can be overwhelming, and it’s easy to confuse all the different parts and plans. Medicare “parts” refer to parts A and B (Original Medicare), Part C (Medicare Advantage), and Part D (prescription drug coverage). “Medicare plans” are generally referring to Medigap plans, and as we mentioned there are ten different types. There is no “Medicare Part M.” The proper name for Medicare Plan M is “Medicare Supplement Plan M” or “Medigap Plan M.”
Medigap Plan M Eligibility
To be eligible for any Medigap plan, you must be enrolled in parts A and B first. Medigap plans are sold through private insurance companies. However, most states are not required to sell Medigap plans to beneficiaries under 65. This means if you qualified for Medicare through ESRD (end-stage renal disease), ALS (Lou Gehrig’s disease), or SSDI (Social Security Disability Income) and are not 65, you can be denied Medigap coverage. To find out if you’re eligible, click here or give us a call at 844-431-1832.
What is the Cost of Medigap Plan M?
Medigap plans (A, B, C, D, F, G, K, L, M, and N) are generally very similar no matter which carrier you buy from. For example, Plan M from Carrier one would offer mostly the same benefits as Plan M from Carrier two. However, pricing can differ based on carrier, zip code, age, gender, and tobacco use. Our licensed agents can show you all of the available plans in your area and help you enroll in the plan with the best price. Click here or call 844-431-1832 to contact a licensed agent.
Medicare Plan M Reviews
Top Medigap carriers for 2019 include:
AARP
Aetna
Blue Cross Blue Shield
Cigna
Conseco
Gerber
Mutual of Omaha
Liberty National
Oxford
Physicians Mutual
State Farm
TransAmerica
Medicare Plan M vs Plan N (and other popular plans)
Some people confuse Medigap Plan M with Plan N. Plan N is one of the most popular plans (along with Plan G). Plan G covers everything except the Part B deductible. More specifically, it covers:
Blood work copays up to three pints (100%)
Foreign emergency travel (80%)
Hospice coinsurance and copayments (100%)
Part A coinsurance and hospital costs (100%)
Part B coinsurance and copayments (100%)
Part A deductible (100%)
Part B excess charges (100%)
Skilled nursing facility coinsurance (100%)
The only benefit that is included in Plan G that Plan N does not cover is the Part B excess charges. However, excess charges are relatively rare. You will only be charged an excess charge if your provider does not accept Medicare. If you would prefer to pay a bit more towards your monthly premium in exchange for coverage on excess charges, Plan G may be perfect for you.
Other popular plans include Plan F and Plan C, but as we mentioned, they are going away in 2020. These plans are popular because they cover the Part B deductible. The only difference between Plan F and Plan C is that Plan F covers Part B excess charges. Click here to find out which Medigap plan is best for you.
How to Enroll in Medigap Plan M
Did you know you can enroll in Medigap Plan M (or any Medigap plan) any time of the year? But if you wait too long, carriers can charge you more or even deny you coverage based on any health conditions you may have. Your best bet is to enroll during your Initial Enrollment Period (IEP). During this time, you shouldn’t be denied or charged more based on any conditions. If you IEP has already passed, that’s okay! One of our licensed can still show you plans that are available in your area. Click here or call 844-431-1832h.
What is Medigap Plan L?
Medicare Supplement plans (also known as Medigap plans) work alongside Original Medicare to provide financial benefits and protection. More than nine million beneficiaries are enrolled in a Medigap plan, and enrollment increases each year.
There are ten standardized plans broken down by letters (A, B, C, D, F, G, K, L, M, and N). Each letter represents a different range of coverage for a different price. You can have fewer benefits for a smaller monthly premium, or get more benefits for a slightly higher monthly premium.
Most plans are guaranteed renewable for life, meaning as long as you pay your premium on time, you should not be canceled from your plan due to a new health condition. Plans are also generally the same regardless of which carrier you enroll with. If you’re looking for financial benefits to supplement your Part A and B, Medigap Plan L may be perfect for you.
What Does Medigap Plan L Cover?
Medigap Plan L is one of the cheaper options on the market because it doesn’t cover as much as some of the other plan types. Specifically, Plan L covers:
100% of your Part A coinsurance & hospital costs
75% of blood work copays (up to three pints)
75% of hospice coinsurance & copayments
75% of skilled nursing facility insurance
75% of your Part A deductible
75% of your Part B coinsurance & copayments
Other benefits of Medigap plans include coverage for:
Part B deductible
Part B excess charges
Foreign travel emergency
Plan L Costs
Medigap plans (A, B, C, D, F, G, K, L, M, and N) are generally very similar no matter which carrier you buy from. This means that, for example, Plan L from Carrier 1 would offer mostly the same benefits as Plan L from Carrier 2. However, pricing can differ based on carrier, zip code, age, gender, and tobacco use. Our licensed agents can show you all of the available plans in your area and help you enroll in the plan with the best price. Click here or call 844-431-1832 to contact a licensed agent.
Medicare Supplement Eligibility
To be eligible for a Medicare Supplement plan, you need to be enrolled in Original Medicare (Part A and B). Medigap plans are sold through private insurance companies and are not required to sell a plan to beneficiaries under 65. This means if you qualified for Medicare by turning 65, having ESRD (end-stage renal disease) or ALS (Lou Gehrig’s Disease), or through Social Security Disability Income (SSDI), you may not be eligible for a Medigap plan. However, a licensed agent can help you find any available plans in your area that you may qualify for. Click here or call 844-431-1832 to contact a licensed agent.
Plan L Reviews
Some of the top Medigap carriers for 2019 include:
AARP
Aetna
Amerigroup
Cigna
Humana
Mutual of Omaha
WellCare
Popular Medicare Supplements
Some of the most popular Medigap plans are Plan G and Plan F because they offer the most coverage. Plan F is almost identical to G, the only difference is Plan F covers the Part B deductible. However, Plan F is going away, and you must be enrolled in Plan F no later than January 1, 2020, to maintain coverage. Plan G is cheaper than Plan F with almost identical benefits, so many beneficiaries prefer Plan G.
If you would prefer to pay a higher monthly premium, but have more financial protection, Plan G or F may be right for you. Contact a licensed agent to talk about plan specifics. Click here or call 844-431-1832.
Enroll in a Medigap Plan
You can enroll in Medigap Plan L (or any Medicare Supplement plan) any time of the year, but if you wait too long, carriers can charge you more or even deny you coverage based on your health conditions. You should consider enrolling in a Medigap plan during your Initial Enrollment Period (IEP). During your IEP, you should not be denied or charged more for any pre-existing conditions. If your IEP has already passed, that’s okay! A licensed agent can still show you plans in your area and help you enroll in a qualified plan. Click here or call 844-431-1832 to contact a licensed agent.
Guide to Medicare Supplement Plan N
Medicare Supplement plans, also known as Medigap plans, add financial benefits that work alongside Original Medicare. More than nine million beneficiaries are taking advantage of this additional financial protection, and enrollment continues to increase each year.
There are ten different types of Medigap plans, (A, B, C, D, F, G, K, L, M, and N), and each letter represents a different level of coverage. Plans are the same regardless of which carrier you enroll with. This means if you want to enroll in Plan N, the benefits are the same whether you enroll with Aetna, Cigna, etc.
Plus, most plans are guaranteed renewable life, which means you shouldn’t be dropped if a new health condition develops (as long as you pay your monthly premium on time). If you’re looking for financial benefits to supplement your Original Medicare, but don’t want a huge monthly premium, Medicare Supplement Plan N may be right for you.
What is Medicare Plan N?
Medicare Supplement Plan N was introduced in 2010 and has been a popular choice for beneficiaries ever since. Plan N covers:
Part A coinsurance and hospital costs
Part B coinsurance and copayments
Blood work copays up to three pints
Hospice coinsurance and copayments
Skilled nursing facility coinsurance
Part A deductible
Foreign travel emergency
Medicare Supplement Plan N Eligibility
To be eligible for any Medicare Supplement plan, you must be enrolled in Part A and B first. Medicare Supplements are sold through private insurance companies. However, most states are not required to sell Medigap plans to beneficiaries under 65. This means if you qualified for Medicare through ESRD (end-stage renal disease), ALS (Lou Gehrig’s disease), or SSDI (Social Security Disability Income) and are not 65, you can be denied a Medigap plan. To find out if you’re eligible, click here or give us a call at 844-431-1832.
What is the Cost of Medicare Supplement Plan N?
As we mentioned, plan benefits are usually the same from carrier to carrier. However, that doesn’t mean the pricing is the same. Plan N requires some cost sharing in certain situations. There is typically a copayment of up to $20 for doctor appointments and $50 for hospital admittance. Medicare Plan N does not cover the Part B deductible ($185 in 2019) or Part B excess charges. Part B excess charges are up to 15% of what Medicare paid for a product or service. You are only responsible for the excess charges if your doctor does not accept Medicare assignment rates.
The cost of your monthly plan premium will vary based on your zip code, age, gender, and tobacco use. There’s no need to overpay for a plan if there is a cheaper plan available in your area that offers identical benefits. Our licensed agents can show you plans specific to your zip code and can help prevent overpaying. Click here or give us a call at 844-431-1832.
Medicare Supplement Plan N Reviews
If plan benefits are the same across carriers, why are some plans reviewed higher than others? Well, price is a huge factor. Companies with higher customer ratings have plans with higher ratings. Lastly, customer service is an important factor. Here is a list of some of the top Medigap carriers for 2019:
AARP
Aetna
Amerigroup
Cigna
Humana
Mutual of Omaha
WellCare
Medicare Plan N vs Plan G
Medicare Supplement Plan G is another popular Medigap plan. The only benefit that is included in Plan G that Plan N does not cover is the Part B excess charges. However, the thing to remember about excess charges is they are relatively rare. You will only be charged an excess charge if your provider does not accept Medicare. If you would prefer to pay a bit more towards your monthly premium in exchange for coverage on excess charges, Plan G may be perfect for you. One of our licensed agents can help you enroll. Click here or give us a call at 844-431-1832.
Medicare Plan N vs Plan F
Plan F has been a top-selling Medicare Supplement for years. The only difference between Plan F and Plan N is that Plan F covers the Part B deductible and Part B excess charges. Plan F is going away in 2020 (along with Plan C). The Centers for Medicare and Medicaid Services believe that coverage for the Part B deductible results in beneficiaries visiting the doctor too often, costing Medicare millions of dollars. If this benefit is something that is appealing to you, you need to enroll before 2020 to be grandfathered in. Fortunately, one of our licensed agents can help. Click here or give us a call at 844-431-1832.
How do I get Medicare Plan N?
You can enroll in a Medicare Supplement plan any time of the year, but carriers can charge you more or deny coverage if you wait too long. The best time to enroll is during your Initial Enrollment Period. During this time, you can enroll in any plan that is in your area without being denied or charged more for pre-existing conditions. Click here or give us a call at 844-431-1832 to get in contact with a licensed agent.
Beginner’s Guide to SilverSneakers
SilverSneakers, in a nutshell, is a fun exercise program designed exclusively for older adults. It is a fitness benefit found in many leading Medicare insurance plans that help provide guidance as well as convenient group exercise classes to improve general fitness, strength, flexibility, and walking ability for older adults. The program’s social events can also help seniors find new friends who also want to pursue an active lifestyle.
SilverSneakers has over 11,000 locations across the United States. These locations include gyms, wellness centers, and YMCAs. Additionally, each location can also give equipment demonstrations. Once enrolled in SilverSneakers, you have access to and are welcome to use any of these participating facilities. Enrollees receive a list of local participating facilities, including addresses and phone numbers.
It is estimated that approximately 20% of seniors are eligible for the SilverSneakers health benefit. More than 65 leading Medicare Advantage, as well as Medigap plans, include SilverSneakers as a benefit. The best part is that this is available to you – if you qualify – at no cost! How do you figure that part out? Well, ask us at MedicarePlanFinder.com or just pick up the phone and call – 844-431-1832.
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The Classes
SilverSneakers classes normally last from 45 to 60 minutes, twice a week. These classes are total body conditioning workouts and often involve hand-held weights, elastic tubing for resistance exercises, and small exercise balls. In some classes, participants may use chairs for additional support and balance.
SilverSneakers also offers outdoor, as well as indoor, exercise opportunities. Some locations have yoga on the beach, exercise in a neighborhood park, or other fun outdoor exercise opportunities.
It’s Important!
It’s never too late to start exercising. Active lifestyles are important for maintaining health as well as quality of life. Moreover, exercise can benefit older adults mentally as well as physically. Moderate exercise can help alleviate stress and potentially reduce feelings of depression. Additionally, regular exercise may be able to improve mental function. Some studies have found regular exercise contributes to improvements when quickly shifting between tasks as well as planning an activity. Furthermore, doctors recommend weight-bearing, flexibility, and resistance exercise for those who suffer from osteoporosis.
Regular participation in the program helps seniors improve strength, balance, and endurance. We’ve seen a very real benefit for our members when they take the time to embrace even light exercise – being fir really helps older adults retain their independence and improve the enjoyment of their retirement years. Reach out to us to learn more – call us at 844-431-1832.
