AVOID THE MEDICARE PENALTY!!!! Remember, even if you do not plan to receive monthly benefits,…
IT’S OPEN ENROLLMENT TIME REVIEW AND RENEW YOUR MEDICARE PLAN FOR 2021
Open enrollment runs from October 25 through December 7, 2020 for the year 2021. If you are sixty-five or older it is critical that you review your current Medicare plan. Understand the basics:
Medicare Part A- Covers hospitalizations
Medicare Part B- Covers doctor’s visits and outpatient visits
Medicare Advantage- An alternative to A & B and is offered by private insurers. Some advantage plans cover dental, and eyeglasses. The most common advantage plans are:
- Health Maintenance Organization (HMO) Plans
- Preferred Provider Organization (PPO) Plans
- Private Fee-for-Service (PFFS) Plans
- Special Needs Plans (SNPs)
Medicare Part D- Covers prescription drugs
Medigap*-Supplemental (Medigap) policies help pay Medicare out-of-pocket copayment, coinsurance, and deductible expenses.
*Standard Medigap Plans C, D, F, G, M, and N provide foreign travel emergency health care coverage when you travel outside the U.S.