It is vitally important to know your Medicare options and their cost, but it is just as imperative to know Medicare's important dates to ensure that you’re enrolled properly and on time. Not only should you know when to first enroll in Medicare, but you should also be aware of the Medicare Open Enrollment period, which allows you to switch from one form of Medicare to another.
There are some important date ranges to keep in mind if you’re already enrolled. Mark these on your calendar:
This is when you can switch from Original Medicare to a Medicare Advantage plan or vice versa. You can also switch from one drug plan to another. If you don’t do anything with your coverage during this time of the year you will be automatically renewed on the plan you had the previous year unless that plan was discontinued.
There are a few exceptions to the open enrollment period including if you move from out of state. Below is a list of special enrollment periods.
Medicare Supplement (Medigap) plans can be changed at ANY time during the year. However, you may have to go through medical underwriting to qualify.
Depending on your particular case, you may be auto-enrolled in Medicare Parts A and B (such as if you are receiving Social Security benefits) or you may have to apply. You should look for information from CMS (Center for Medicare and Medicaid Services) 3 months prior to your 65th birthday month. Once you’re enrolled in Medicare Parts A and B speak with a broker to help you enroll in any additional options such as drug coverage, Medicare Supplement, or Medicare Advantage.
To determine your options, contact New Jersey Medicare Brokers LLC today.