It’s never too early to start preparing for Medicare. For most prospective Medicare beneficiaries, you will want to be prepared for your Initial Enrollment Period (IEP), which takes place the 7 months surrounding your 65th birthday.
At Carolina Insurance Partners, we want to help our clients during every step along the way. Here is what you need to do to prepare for Medicare in 3 easy steps.
Step 1: Know Your Options and How to Get Them
First things first—what is Medicare and what are your options? There are 4 main types of Medicare plans, each with its own types and structures of coverage to choose from:
- Original Medicare: This is your typical, most-familiar Medicare category. It includes Part A, which features hospital coverage, and Part B, which includes most items and services deemed “medically necessary.”
- Medicare Advantage: Otherwise known as Part C. This category includes HMO, PPO, PFFS, and the MSA plans. Each of these plans provides the same coverage from Original Medicare, as well as some additional benefits. If you are enrolled in Medicaid or have a chronic illness, you may also consider a D-SNP or a C-SNP.
- Medicare Part D: This plan covers a variety of prescription drugs, with different coverage amounts depending on the cost of the drug itself. It is sometimes included in an Advantage plan or bought as a standalone plan with Original Medicare.
- Medicare Supplements (Medigap): There are 10 different supplement plans, each of which can be added to Original Medicare to literally “supplement” the many out-of-pocket costs you will have to pay with it.
Step 2: Know Your Personal Insurance & Cost Goals
Now that you know your options, you get to decide which works best for you. Keep in mind, however, that no matter what you choose, you will want to enroll before your IEP ends. If not, you may no longer be eligible for the coverage you want, or you may have to pay a higher rate for it.
Step 3: Final Preparations for Official Enrollment
Reach out to an agency such as Carolina Insurance Partners! We know all the ins and outs of Medicare and can help you compare plans, quotes, and will make sure you enroll at the right time to get the exact coverage you need.
Don’t Wait to Start Your Medicare Journey—Call Us Today
Carolina Insurance Partners does all of this hard work for you and more, answering all of your questions to get you on the right track towards security. To get started with Medicare, give us a call today.