The Medicare annual open enrollment period is from October 15 – December 7. As this period quickly arrives, people who are approaching the age of 65 are starting to wonder what their options are.
If you find yourself in this category or are serving as the caregiver for someone navigating Medicare for the first time, you may be overwhelmed about your options and wondering where to start.
At Cariloop, our Care Coaches help caregivers navigate Medicare open enrollment every year. They’ve put together some of the most important information you need to know if you’re preparing to sign up for Medicare this year:
What is Medicare?
Medicare is a federal insurance program for people who are 65 and older. Medicare is not based on income and is an individual plan.
Who is eligible?
People who enroll must be at least 65 years of age. There are also a few circumstances where people who are under the age of 65 can enroll in Medicare:
- People with certain disabilities and who are receiving benefits from the Social Security Office or Railroad Retirements Board.
- People who have Lou Gehrig’s Disease (ALS) or end-stage renal disease.
To enroll, someone must be a US citizen or may be a noncitizen who has lawfully admitted permanent residency and has been residing in the United States for 5 continuous years before the month of filing an application for Medicare.
Types of Medicare
- Original Medicare is made up of two parts. It’s the basic plan, and someone must be enrolled in Original Medicare if they want to enroll in any parts after A and B.
- Part A: Hospital insurance which covers inpatient hospital stays, care in a skilled nursing facility, hospice care and some home healthcare.
- Part B: Medical insurance and covers certain doctor’s services, outpatient care, medical supplies and preventive services. Prescription drug coverage is NOT covered with Part B.
- Medicare Advantage Plans are additional plans available to eligible citizens. Known as Part C, this plan covers Parts A and B as well as Prescription Drug Coverage (Part D). These plans offer coverage for services not covered under Original Medicare such as vision, hearing, dental and wellness programs. These programs could also cover other extra benefits such as transportation, over-the-counter drugs and adult day services. They are also typically facilitated through private insurance.
- Medicare Supplement Plans, also known as Medigap, are additional plans that fill in areas that Parts A and B might not cover. Someone is not allowed to be enrolled in both Medicare Supplement and Medicare Advantage at the same time. Medicare supplement plans do not include drug coverage. Medicare Supplement Plans cover copayments, coinsurance and deductibles. Medicare Supplement does not cover long-term care, vision and eyeglasses or contacts, dental, hearing aids, private duty nursing or premiums in Part B.
- Prescription Drug Plan is known as Part D. When enrolling in Original Medicare during your Initial Enrollment Period, it is usually the time that applicants enroll in a Medicare Drug Plan as well to avoid any late penalties. If you choose not to enroll in a Prescription Drug Plan through Medicare, you must make sure that the drug coverage that you enroll in is as good as Medicare’s coverage or better. If you go without Creditable Drug Coverage for 63 days or more, you will be faced with a penalty when you enroll in a Medicare Prescription Drug Plan. If you cannot afford a monthly premium or copays for your prescription, you can apply for Extra Help.
Cariloop Care Coaches are here to help you and your employees with all your Medicare questions. A dedicated Coach can support you through the entire Medicare open enrollment process.
Support with Medicare enrollment is just one of the ways we seek to relieve the stress and anxiety felt by all caregivers. If you’re ready to talk through what makes Cariloop such a meaningful offering for your employees, schedule a demo today.
