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Open Enrollment for Medicare Begins Soon!

Open enrollment for Medicare occurs Oct. 15 – Dec. 7. This is the designated time period where Medicare allows participants to review and change their coverage. It is also known as the annual enrollment period (AEP). However, let’s first begin with the basics.

Who is eligible for Medicare?
You are eligible for Medicare Part A and Part B at age 65 if:

  • You are a U.S. citizen or permanent legal resident who has lived in the U.S. for five continuous years.
  • You or your spouse have worked long enough to be eligible for Social Security or Railroad Retirement benefits.
  • You or your spouse are government employees or retirees who have not paid into Social Security but have paid Medicare payroll taxes.

You can meet Medicare eligibility under age 65 if:

  • You have been receiving Social Security disability benefits or certain Railroad Retirement Board disability benefits for at least 24 months.
  • You have ALS (amyotrophic lateral sclerosis or Lou Gehrig’s disease).
  • You have End-Stage Renal Disease (ESRD) and you or your spouse have paid Social Security taxes for a certain length of time.

If you’ve established that you are Medicare eligible or think you might be, what does the open enrollment period mean? First, open enrollment is for those who currently have either a Medicare Supplement/Medigap or Medicare Advantage. If that is the case, you may switch coverage to another company, if it falls in line with the companies’ guidelines.

During this Open Enrollment period, you can:

  • Enroll in, make changes to or disenroll from a Medicare Advantage plan (Medicare Part C)
  • Enroll in, make changes to or disenroll from a Medicare Prescription Drug plan (Medicare Part D)

Remember any changes you make during the 2022 Medicare Fall Annual Enrollment Period go into effect January, 2023.

Elder Life Group can impartially shop for Medicare coverage to help clients review their Medicare coverage options in their location. We compare costs, companies and help shop for drug coverage to ensure our clients are aware of all the costs associated with their plans. Medicare is confusing and many clients have questions on aspects such as the difference between traditional Medicare Supplements and Medicare Advantage Plans. We can help, talk and educate about the difference between these two and provide options for both types of coverage. We’re also happy to answer any other questions about Medicare. Request a free consultation today!

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