Medicare and your options

Medicare is a great starting point for those over 65 and individuals on Social Security due to disability but it can leave the insured with many out of pocket costs.  An inpatient hospital stay has a deductable of almost $1,200 dollars.  Most retired people seldom have enough disposible assets to cover many hospital stays.  Both Medicare Supplement plans and Medicare Advantage plans can helpreduce your costs.  Prescription drug coverage is not included in original Medicare and must be obtained threough a private company.  The program is overseen by the federal Medicare program and the plans are referred to as Medicare Part D.

Check out your own options at Allboc.com. The sites full of details.

Where can I compare and apply for Medicare Advantage Plans?

One site you to can use to easily compare and apply for Medicare Advantage Plans is found here.

Medicare Advantage Plans

A Medicare Advantage Plan combines Medicare Parts A and B and often includes Part D.  Most if not all of the premium for these plans is paid for by Medicare.  These plans are contracted with Medicare and the plans pay portion that Medicare would typically to the doctor and hospital.  A member of these plans typically pays a fixed copayment for medical care instead of the standard Medicare deductibles and 20%.  

Since most Medicare Advantage plans include prescription drug coverage (Part D), it is not necessary for member of these plans to obtain a separate Part D coverage.

Related Subjects:

Medicare Basics

Medicare Part D

Medicare Supplements

When is the Medicare "Open Enrollment Period"

The Medicare Open Enrollment Period begins October 15th of each year and ends December 5th.  These enrollments have an effective date of January 1.

During the Open Enrollment Period, Medicare beneficiaries are free the BEGIN, END or CHANGE a Medicare Advantage Plan (MAPD) or Prescription Drug Plan.

Related Subjects:

Medicare Advantage Plans Explained
Online Resources for Medicare insurance plans
Medicare Basics

When can I enroll into a Medicare Advantage plan, prescription drug plan, or Medicare Supplement plan?

Most individual may start, leave, or change a Medicare Advantage plan (MAPD) or Prescription Drug Plan (PDP) during the Medicare annual enrollment which is October 15 through December 7.  These changes become effective January 1.

Most Medicare supplement plans are available for enrollment throughout the year although prospects must remember that they may not be able to leave their Medicare Advantage plan until January 1.

For more information about other enrollment time frames, click here.