Medicare open enrollment is coming up soon! If you are a Medicare beneficiary, it is important to make sure you understand the changes that are happening in 2022 and what they mean for you. In this blog post, we will break down the changes in simplified terms and help you understand how to make the best choices for your health care coverage. Stay tuned for more information on Medicare open enrollment!
Medicare Open Enrollment
It Begins 6 Months Before your 65th Birthday
You will get a “Welcome to Medicare” Packet in the Mail
Your Initial Enrollment Period is the Seven-Month Window When You Can Sign Up for Parts A and B
During this time, you can also sign up for a Part D prescription drug plan and a Medigap policy if you want additional coverage. If you miss your Initial Enrollment Period, you may have to pay a late enrollment penalty.
Medicare Open Enrollment for Advantage Plans and Part D
This is the time when you can switch from one Medicare Advantage Plan to another, or drop your Advantage Plan and return to Original Medicare. You can also join a new Medicare Advantage Plan or enroll in a Part D prescription drug plan if you didn’t do so during your Initial Enrollment Period.
Medicare Supplement Open Enrollment
Open enrollment for Medicare Supplement plans is the same as it is for Advantage Plans and Part D.
During this time, you can switch from one Medicare Supplement plan to another, or drop your current Supplement plan and return to your Original Medicare. You can also enroll in a new Medicare Supplement plan if you didn’t do so during your Initial Enrollment Period.
What’s Changing in 2022?
The biggest change for Medicare beneficiaries in 2022 is the way Part B premiums are calculated. In 2021, most people who have Part B pay a standard monthly premium of $148.50. However, in 2022, the standard Part B premium will increase to $170.10 per month.
What if You Wait and Keep Working?
If you have health insurance from your employer, you may not need to sign up for Medicare at 65. You can wait until you retire to enroll in Part B without paying a late enrollment penalty. However, there are a few things to keep in mind if you decide to go this route:
You will need to sign up for Part B within eight months of retiring or you will pay a late enrollment penalty.
If you have coverage through a Health Maintenance Organization (HMO), you may need to enroll in Medicare Part A and/or Part B to keep your HMO coverage.
You may want to sign up for Part A when you turn 65 even if you have employer coverage because it is free and will provide you with some protection in the event that you lose your job-based insurance.
You can still sign up for a Part D prescription drug plan even if you have employer coverage. It may be a good idea to do so, because your employer’s plan may not cover all of the prescription drugs you need.
Making the Right Choice for You
There are a lot of factors to consider when deciding whether or not to enroll in Medicare. The best way to make sure you are making the right choice for your situation is to speak with a licensed insurance agent who can help you understand your options and
Should I Make A Change During the Open Enrollment Period?
If you are happy with the way things are going, then you probably don’t need to make any changes.
This goes for your health, your budget, and your peace of mind.
But if something isn’t working for you – like your coverage or your costs – then open enrollment is the time to make a change.
You might switch to a different Medicare Advantage Plan or return to your Original Medicare. You might also join a new prescription drug plan or make changes to the one you’re already in.
The important thing is that you have the opportunity to make a change if you need to. So if something isn’t working for you, don’t wait – Give us a call.