Every year there is a time period in which consumers who are 65 years and may change, register, drop or switch Medicare Advantage Plans and Medicare Part D. This time period is known as open enrollment
This year, the time period will be held from October 15 to December 7 -. Leaving the elderly a couple of months to look for and discover their Medicare. options
Here is a glossary to help you prepare for the open enrollment period this year:
beneficiary
a person eligible for inclusion in the Medicare program
Formulary
the list of all the prescription drugs covered
Medicare Advantage: also known as Medicare Part C
Part C was designed to give Medicare beneficiaries the option to purchase coverage through a private health insurance company. These plans provide coverage for all the same services that Part A and B but are administered by private carriers. These plans often include additional benefits.
Each year, an increasing number of people choose Part C Today, one in four Americans purchase a Medicare Advantage plan.
Medicare Supplement :. Also known as Medigap
additional insurance coverage purchased by private insurance companies to cover part of the cost of regular health care Medicare does not
Medicare Part A
Medicare Part A covers hospital care and skilled nursing care. Patients get full coverage if they stay in a health facility for at least 3 days.
Part A covers care for a health problem up to 100 days. Beneficiaries will not need to pay anything for the first 20 days, but have to pay a co-payment for the next 80 days. But Part A does not provide coverage for long term care or unskilled custodial care.
There are also no monthly premium for Part A.
Medicare Part B
Part B provides coverage for most ambulatory medical care, including
- physician services
- Lab and diagnostic testing
- X-ray
- outpatient hospital
Part B also covers the cost of medical equipment such as wheelchairs, walkers, prostheses, and home oxygen.
Medicare Part B is optional for those who work full time, but is mandatory for anyone not actively in use. A premium is paid each month to cover Part B
Medicare Part D
Medicare prescription drug plans -. Unofficially known as Medicare Part D, provide coverage for prescription drugs. Before Part D was created, Medicare has provided no drug coverage
Part D is an optional benefit Medicare -. And is administered by private insurers. The federal government sets certain requirements on the plans, but it is up to private companies that offer plans to decide which drugs to cover.
To sign up for Medicare Part D Beneficiaries may choose a prescription drug insurance plan (PDP) or a Medicare Advantage plan that includes drug coverage (MA-PD).
premium
The payment must be made each month to keep a policy in force.
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