Are you preparing for the next chapter in your life? The U.S. government provides specialized medical insurance (Medicare) for elders 65 years and older, people with disabilities, or people with critical illness.
Medicare’s open enrollment period occurs only once every year, beginning on October 15 and ending on December 7. This is the only time of the year to purchase or change your plans. For those that want to switch plans or add additional prescription drug benefits, this is the time!
If you are qualified for Medicare, you will be eligible for Part A (Hospital Insurance) and Part B (Medical Insurance). However, it will only cover 80% of your medical expenses.
You need certified Medicare advisors’ assistance to choose additional plans that cover the remaining 20% based on your health condition and budget.
Medicare Supplement Insurance
Plans provided by private health insurance companies that include coverage and benefits such as senior wellness plans that are outside of Medicare plan.
MAPD (HMO) Health Insurance
Medicare Advantage HMO insurance is provided by private health insurance companies. The insured is required to receive medical service under the selected family doctors and health networks, including prescription drug coverage. Some plans include coverage that is not included in Medicare, such as transportation and senior wellness plans.
Prescription Drug Coverage (Part D)
Plans provided by private health insurance companies to help share the cost of prescription drugs. Different plans will have different regulations regarding drug classifications and deductibles.
Senior Dental and Vision Insurance
Dental and vision health plans provided by private insurance companies designated for seniors.
- People who are 65 or older, or those who suffer from a critical illness or disability
- A United States citizen or a green card holder who has legally stayed in the USA for more than 5 years
- Remember to contact the Social Security Office or apply online three months before you turn 65.