By Christian Regalado
If you have looked into getting a Medicare plan for yourself or someone else, you may have been confused by all the letters used in Medicare. What are Parts A, B, C and D? Are they different from Plans G and N? Do I enroll during the AEP or OEP period or do I have a SEP?
Fortunately, you really don’t need to know all of this. To simplify, when you first qualify for Medicare, which for most people is when they turn 65, Medicare will enroll you in Part A, which covers some costs incurred in the hospital and normally, if you have worked over 10 quarters, doesn’t cost you anything.
But wait! You can’t stop there. You will need Part B, which covers medical costs outside of the hospital at about 80%. If you are collecting social security, you will automatically be enrolled about three months before your 65th birth month. If not, you need to apply at ssa.gov/medicaid.
What about Parts C and D? Well, Part C represents Medicare Advantage plans and Part D is for prescription drug coverage. These are private insurance plans outside of Medicare, which you will have to apply for.
Medicare options are many and can be confusing. That is why the free services of a certified broker can help you sort through all your options and based on your particular needs, help you select the best plans for you.
If you decide to go on an Advantage plan, you technically have come off Original Medicare and are now on Part C which in most cases includes your prescription drug coverage or Part D.
Should you decide to stay on original Medicare, most people select a Supplement plan which pays most of the 20% that Medicare doesn’t cover. This is where you can select either a Supplement Plan G or Plan N. There are many other Supplement Plans but the majority of people select a plan G or N.
So what is AEP, OEP and SEP? These are enrollment periods which allow you to enroll in a Medicare plan. AEP is the annual period from October 15 to December 7 that allows those on an Advantage plan to make a change for the following year. The OEP or open enrollment period runs January through March and allows those on an Advantage plan to make one Advantage plan change should they need it.
SEP is simply a “Special Enrollment Period” which allows someone to sign up for an Advantage plan and is normally triggered by a move or another loss of coverage
So there. Please don’t try to remember this because you probably won’t. What you do need to remember is to call a Medicare broker that is trained to know all of this and more. Their job is to learn about what type of services you will need and to help you match it to the right kind of coverage.
Should you have any questions or need help, please contact me. My services are no cost to you and I am always happy to help a neighbor. Reach out anytime! Email Christian@evergreenhealthins.com or call (850) 687 7606.
Author: Sowal Editor
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