Each year, an important window of opportunity arrives for current Medicare beneficiaries as well as those about to enroll in the government’s health insurance program for older Americans.
It’s the Medicare open enrollment period, which runs annually from Oct. 15 to Dec. 7. During that time, new enrollments are allowed and current recipients can make changes to their plans.
The enrollment period is definitely not something to be taken lightly, says Chris Orestis, president of Retirement Genius (www.retirementgenius.com) and an authority on retirement planning, long-term care and financial health.
“Enrolling in Medicare can be complicated,” he says. “Missing the correct windows to enroll will result in delays in coverage, or being locked into the wrong or inadequate coverage that isn’t keeping pace with changing care needs. There is also the risk of financial penalties that will increase premiums and out-of-pocket costs.”
Orestis notes that Medicare, which covers more than 61 million people, is the most important payer of healthcare services in the United States for those 65 and older. Medicare spends more than $800 billion annually, which is almost a quarter of the country’s healthcare spending.
If you are enrolling in Medicare for the first time, or need to change your plan, Orestis says a few important things to know include:
If you are confused, know that assistance is available, Orestis says. Insurance agents who specialize in Medigap and Medicare Advantage Plans can help with initial enrollment and open enrollment.
Free assistance also can be obtained through the State Health Insurance Assistance Program (SHIP) and the Medicare Rights Center. Also, the Center for Medicare and Medicaid Services (CMS), which is the government agency that administers both Medicare and Medicaid, provides a wealth of information and resources.
“When it comes to Medicare enrollment, don’t procrastinate,” Orestis says. “Not being informed, missing deadlines, or making the wrong selections can cause delays and penalties that could have a negative impact on your coverage – and your wallet.”
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