You don’t need to sign up for Medicare each year. However, each year you’ll have a chance to review your coverage and make changes. Coverage and Medicare health and drug plans can make changes each year—things like cost, coverage, and which providers and pharmacies are in their networks. Plans can also change their provider networks throughout the year. If you’re in a Medicare health or prescription drug plan, always review the materials your plan sends you, like the “Evidence of Coverage” (EOC) and “Annual Notice of Change” (ANOC). Make sure your plan will still meet your needs for the following year. If you’re satisfied that your current plan will meet your needs for next year and it’s still being offered, you don’t need to do anything.
Common Questions about Medicare
What does Medicare Supplement insurance cover?
Policies help pay for Medicare Part A & B deductibles, co-payments, and co-insurance. Some policies also include coverage for certain health services not covered by Medicare.
What are my plan options?
In most states, there are 10 standardized plan options. Plan F is the most popular option and is the only one that includes all 9 Medigap benefits.
How are plans priced?
Insurers can charge you different prices based on the type of plan you buy. Your health status may also affect your prices if you are outside of your open enrollment period.
Is Medicare Supplement insurance the same as a Medicare Advantage Plan?
No. Medicare Supplement insurance polices help cover Medicare Part A & B out-of-pocket costs. Medicare Advantage plans are an alternative way to get your Medicare coverage and, in some cases, additional benefits.
When can I buy a Medicare Supplement insurance policy?
Any time after you are enrolled in Medicare Parts A & B. You do not have to wait for Open Enrollment to buy a policy. The best time to buy is in the first 6 months after you are both 65 years and enrolled in Medicare Parts A & B.