In the US, the annual registration period for Medicare begins: how to choose and get preferential health insurance

On October 15, the Annual Election Period starts - the annual period for registering for preferential health insurance under the Medicare program. This is the federal health insurance system in the United States for people over 65; for those who received a disability status from the Social Security Administration (SSA) at least 24 months ago; for people with certain diseases. During this period, those eligible for Medicare can take out this coverage for the first time or change from one plan to another.

Photo: IStock

What is Medicare

At an insurance company Secure Tomorrow Insurance explained that the Medicare program has four parts - A, B, C and D.

Social Security Services (SSA) registers a person in what is called Original Medicare (part A and part B). Moreover, receiving US pension benefits, who are 65 years old, are automatically registered in Medicare. If they have worked in the US for a total of 10 years (40 credits of seniority), part A is free for them (no monthly premium is required for it). But Part B is mostly paid, premiums are levied based on income. For low-income individuals, the state program pays for Part B (Medicare Savings Program — M.S.P.). To learn more about MSP income limits and what it covers, visit this link.

Medicare Part A (hospital insurance) Helps pay for hospital inpatient care or a temporary stay in a skilled nursing facility (after a hospital stay). Part A also pays for some home care and hospice care.

Medicare Part B (health insurance) helps pay for doctor visits and other health care services: outpatient care, home care, durable medical equipment, and some preventive services.

Other parts of Medicare (Part C and Part D) are not provided through SSA, but through private insurance companies. These plans include Medicare Advantage and Prescription Drug.

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How long is the Medicare Annual Election Period

The Annual Election Period takes place every year from October 15 to December 7. Medical insurance purchased during this period will begin to operate from January 1, 2023.

Even if you already have Medicare coverage, it's worth going over the details at this time to see what changes are expected next year. If you are satisfied with your current plan and want to continue using it next year, then you do not need to take any action (re-enrollment to the same plan will happen automatically).

Expert Warning: Ramzan Magomedov, insurance agent from Secure Tomorrow Insurance, emphasizes that during the Annual Election Period, scammers are activated who want to earn money without doing anything, or, even worse, steal your personal data. They mail endless advertisements to Medicare recipients or call with offers that make it look like there's some big change in the program next year and you definitely need to do something to keep your coverage. Ignore all of these ads and only take action if you have a specific need, such as changing your current plan or enrolling in another (additional) part of Medicare.

If you don't have insurance right now Medicare and you do not have time to complete one of the plans during the Annual Election Period, you may be left without insurance coverage for the whole of 2023. As explained to us in Secure Tomorrow Insurance, those who already have Medicare coverage are eligible to change plans quarterly if they are also receiving Low Income Subsidy (Extra Help).

Photo: IStock

What types of health insurance are available during the Medicare Annual Election Period

Annual Election Period applies to such insurance plans:

1. Medicare Advantage Plan
2. Prescription Drug Plan

Medicare Advantage (Medicare Part C) combines, depending on the type, three parts of Medicare (A + B + D) or two (A + B) at once, as well as additional benefits, such as free coverage of dental services, the purchase of glasses, hearing aids and others. That is, when you enroll in Part C, you receive three coverages at once within the framework of one plan - this insurance pays for hospital stays, doctor visits and medications.

Such plans involve low or zero monthly payments (premium), and payment for medical services is usually fixed.

An important element of Medicare Part C is drug coverage, because the vast majority of plans in this group include Part D. But if you enrolled in an Advantage Plan without drug coverage (A + B), you will not be able to buy additional Part D. You will need to wait for the next enrollment period to switch to one that includes Part D.

There are a wide variety of Medicare plans, and finding the right coverage for you can be a challenge. Therefore, we recommend that you address this issue as soon as possible in order to have time to sort everything out before the end of the registration period.

Expert advice: Ramzan Magomedov from Secure Tomorrow Insurance encourages you to first check which of your doctors accepts the plan you like; whether all the drugs you need are covered under the policy you are interested in, and which plan gives you the cheapest price. You also need to look at what additional benefits (such as dental services or an OTC card) are available in the plan. Another important point: if you have both Medicare and Medicaid, check if the plan you choose is dual-qualified.

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Medicare Part D (prescription drug coverage) helps cover the cost of prescription drugs. If it is purchased separately, then the monthly premiums will depend on the income of the recipient and the chosen plan. Medicare Part D can be issued separately in combination with the basic or original Medicare, or it may be part of Medicare Advantage (as described above).

Understanding all this on your own, you risk drowning in the flow of information and making the wrong choice. To get the policy that best suits you, you need an experienced insurance agent. It is important to know that the agent's services are absolutely FREE.

To learn more about the different options for Medicare and whether you qualify for this insurance, you can contact the specialists of the company Secure Tomorrow. Call: (503) 635 8844! Consultation in Russian is possible.

How to renew Medicare for another year

We wrote above that many types of Medicare coverage automatically renew on their own without any action on the part of the insured. However, the Annual Election Period is a great time to review your current coverage and medical needs. Other plans may better suit your needs.

During the annual enrollment period, you can choose a plan, sign up for it, and your old plan will automatically expire on the last day of 2022, and the new plan will take effect on January 1st. If you happen to sign up for more than one plan during this period, which sometimes happens, then your last choice made before the end of the enrollment period will work from January 1, 2023.

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