10 Things to Know Before You Join Medicare
The 10 most important things to know before you turn 65 and join Medicare, from enrollment deadlines to choosing between Medigap and Medicare Advantage.
1. Parts A and B come first
You need Original Medicare, Parts A and B, before you can buy a Medicare Supplement plan or join a Medicare Advantage plan.
2. Know your best time to buy a Medicare Supplement
Your Medigap Open Enrollment Period lasts 6 months. It starts the first month you're both 65 or older and enrolled in Part B. During this window, insurance companies must sell you any supplement plan they offer and can't charge you more because of your health. After it ends, they can usually ask health questions and decline your application.
3. Supplement plans are standardized
In most states, Medicare Supplement plans are named with letters, like Plan G or Plan N, and each letter has the same benefits no matter which company sells it. Plan G from one company covers exactly what Plan G from another covers. The biggest difference is price, so it pays to compare. Plans C and F are only available to people who were eligible for Medicare before 2020.
4. Know what affects supplement prices
Supplement premiums depend on your age, sex, ZIP code, tobacco use, the plan you choose and how the company sets its rates. Household discounts can lower the price too. The same plan can cost very different amounts from different companies.
5. Check a company's rate increase history
Supplement premiums usually rise over time, but some companies raise rates faster than others. The cheapest plan today isn't always the best deal over the years, so look at each company's track record before you buy. We can help with that.
6. Know who your agent works for
Some agents represent only one insurance company and can only show you its plans. Independent agents like Thrive 65 work with several companies, so we can compare options across them and help you find the best fit.
7. Review your coverage every fall
From October 15 to December 7 each year, you can change your Medicare Advantage or Part D plan for the coming year. Plans change every year, so a quick review can save you money. If you're in Medicare Advantage, you get another chance to switch from January 1 to March 31.
8. Don't skip drug coverage
If you go 63 days or more without Part D or other creditable drug coverage after you're first eligible, you may pay a late penalty for as long as you have Part D. Drug coverage included in a Medicare Advantage plan counts.
9. Networks matter with Medicare Advantage
Each Medicare Advantage plan has its own network of doctors and hospitals. Before you choose a plan, make sure your doctors and preferred hospitals are in it. Some plans also require a referral to see a specialist.
10. Medicare Advantage doesn't ask health questions
You can join a Medicare Advantage plan during a valid enrollment period without answering health questions. Since 2021, that includes people with end-stage renal disease, who used to have very limited options. You do need to live in the plan's service area.