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That time of the year is coming up again! The Medicare Annual Enrollment Period is just around the corner. Each year from October 15 to December 7th you have the ability to enroll for Medicare. But as you prepare to enroll, now is an excellent time to go over what plans there are and more importantly than that, to look over what is important to you so that as you look through plans you can find the one that will meet your needs. You won’t want a plan that will keep you in a compromising position all year long. Make sure that you are well informed and take the time to know what you really want. For example, If you know that you are going to be on a fixed income you will want to make sure that you are looking at plans that will have low out of pocket costs. Or if you want to ensure that you are maintaining the best health possible then you may want a plan that is very proactive in prevention care.

When you are looking at you coverage make sure that you read the fine print to see what is covered in your care. You may be surprised at what you find there. Many health plans offer extras that are included in their plans such as wellness check ups, 24 hour hotlines to speak to nurses and discounts on fitness and nutrition plans. There is also often preventative care available to you. And the easiest way to prevent expensive out of pocket costs is to make sure that you are catching things before they really blow out of control. In fact, the Center for Disease Control has made an estimation of about 100,000 lives could be saved each year if they received the recommended preventative care. You will also want to know not only what doctors and hospitals are covered but what specialists and specialized medical facilities will be available to you.

We hope that these tips will help you prepare for open enrollment, but if you have any questions about Medicare, please let us at Bernardini & Donovan help you.

There are some people in the world that just know things. They are the mavens that can rattle off facts, dates and details that the rest of the population just never grasped. This blog post is not for them. This post is for those of us who don’t know the first thing about Medicare and the deadlines needed to sign up.

So first things first. You become eligible for Medicare when you turn 65. But the deadlines for signing up extend to the months that surround you birthday. However, there is an exception if you already are receiving Social Security benefits you are automatically enrolled in Medicare A and B. But if that is not the case then you need to sign up yourself. You have a window of enrollment that last seven months. The seven month window begins three months before your birthday month, goes through your birthday month and continues on for the next three months after your birthday. So if your birthday was in June you could sign up for Medicare starting March 1st and it would end September 30th. If you miss this deadline you can join during open enrollment from January 1 to March 31 each year.

The reason that you will want to make sure that you sign up during these seven months is so you will avoid any fees that come with signing up late. The monthly Part B premiums will be raised by 10% for each 12 month period you wait to sign up for Medicare. “The idea behind the penalty is to give people a financial incentive to enroll in insurance from the get-go as opposed to waiting until they have some kind of negative health event,” says Mark Duggan, an economics professor at Stanford University.

It is important to note that if you or your spouse are still working for an insurance providing company when you or your spouse turn 65 it is not mandatory to enroll at that time, you can stay with your current provider. However, once the household member that they insurance is provided through retires then you will need to enroll. You will have an 8 month period enrollment time. The 8 month time period starts the month after the employment ends or when your insurance coverage from that job ends.

We hope this information helps, but if you have more questions please feel free to contact us at Bernardini & Donovan

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