Turning 65 and going on Medicare can be a complex and overwhelming process and many clients ask, what are my options when turning 65?
There are many options available to individuals living in Doylestown, PA, which is why it’s important to understand the different choices and what they entail.
One of the first things to consider is whether to enroll in traditional Medicare or a Medicare Advantage plan. Traditional Medicare includes Part A (hospital insurance) and Part B (medical insurance), while Medicare Advantage is offered by private insurance companies. MA Plans provide all the benefits of traditional Medicare plus additional benefits, such as vision and dental coverage.
For individuals who choose traditional Medicare, they will also need to choose whether they want to enroll in a standalone Part D prescription drug plan or a Medicare Advantage plan that includes prescription drug coverage. It’s important to review the different plans’ formularies, which list the covered medications, and whether your preferred pharmacy is included in the plan’s network.
Medigap, also known as Medicare Supplement, is another option for those with traditional Medicare. Medigap policies are sold by private insurance companies to help cover out-of-pocket costs, such as deductibles and coinsurance, that traditional Medicare doesn’t cover.
For individuals who choose Medicare Advantage, it’s important to review the different plans’ networks to ensure access to preferred doctors and hospitals. Additionally, beneficiaries should consider any additional benefits offered by the plan, such as wellness programs or vision coverage.
Another consideration is whether to enroll during the initial enrollment period or during open enrollment, which occurs annually from October 15th to December 7th.
Individuals who miss their initial enrollment period may face a penalty in their premium for years to come.
In Doylestown, PA, there are many resources available to assist with navigating the Medicare system, such as the Bucks County Area Agency on Aging and the Pennsylvania State Health Insurance Assistance Program (SHIP). It’s important to take advantage of these resources to ensure that you make informed decisions about your healthcare coverage.
In conclusion, turning 65 and going on Medicare can be a complex process, but there are many options available for individuals in Doylestown, PA. Understanding the different choices, reviewing plan formularies and networks, and utilizing resources can help ensure that you make informed decisions about your healthcare coverage.
By Joe DeAngelis
Medicare Supplement Adviser