Understanding Medicare Re-enrollment -

While I love conversations centered around real estate, these days my clients are squarely focused on the election and the looming Medicare re-enrollment deadline. Both with a significant impact on senior’s lives.

I won’t touch politics but happily can provide some information about Medicare — information I read on SeniorPlanet.org. They interviewed a Medicare expert who answered some of the most common questions.

Re-enrollment Dates: Medicare re-enrollment is from Oct. 15 to Dec. 7. It’s time to decide if you’re sticking with your current plan or switching providers.

Medicare Choices:
- Original Medicare: Includes Part A (hospital), Part B (outpatient), and optional Part D (prescription drugs). Many people also opt for a Medigap plan to cover gaps.
- Medicare Advantage: A private plan covering Part A, Part B, and often Part D, with added perks like dental but limited to a network of providers.
Common Mistakes:
- Many seniors are overwhelmed by the transition from employer health coverage to Medicare, struggling to navigate new options.
- Choosing between Original Medicare and Medicare Advantage can be confusing, and many are tripped up by the learning curve.
Helpful Tools:
- Brokers: Insurance brokers can guide you but may not show all available plans.
- Online Plan Finder: Medicare’s online tools allow you to compare every plan in your area.
Enrollment Windows:
- If you’re turning 65, you have a 7-month window to enroll, starting three months before your birthday. Don’t delay; waiting could leave you without coverage!
Late Enrollment Penalties:
- Part B: 10% extra per year of delay, lasting as long as you have coverage.
- Part D: 1% extra per month of delay, also lasting as long as you have coverage.