Search

Facts About Medicare Open Enrollment



How much do you know about the different coverage options?


Provided by Derek Cockrell


Medicare’s open enrollment period runs from October 15 to December 7. If you are enrolling in Medicare for the first time, give yourself plenty of time. You may discover that it is much more complex than an employer-sponsored group health plan.1

“If you want to move from a Part C plan back into original Medicare, you may not be able to supplement Parts A and B with a Medigap plan right away because underwriting will be required.”

When you enroll in Medicare, you pay multiple premiums for multiple types of coverage (Parts A and B, as well as the Part D prescription drug plan). Unlike a group health plan, there are no caps on out-of-pocket costs and a risk that you might have to pay a hospital insurance deductible more than once per year. Original Medicare also does not cover some costs that many seniors would like to cover, such as dental and vision care expenses.2

This is why so many retirees decide to buy Medigap policies or enroll in comprehensive Medicare Advantage (Part C) plans—they recognize the shortcomings of original Medicare. The downside of Part C plans is that you are restricted to the doctors in their networks. Original Medicare allows you to choose any doctor that accepts Medicare (though it is smart to have a Medigap policy as well).

You can freely switch from one Medicare Advantage plan to another in the open enrollment period; you can also enroll in one without having to go through underwriting. If you want to move from a Part C plan back into original Medicare, you may not be able to supplement Parts A and B with a Medigap plan right away because underwriting will be required.3

Whether you are enrolling in Medicare for the first time or considering a change in coverage, it is vital to understand these matters. If you have questions, visit Medicare.gov or ssa.gov/medicare for more information.

Derek Cockrell may be reached at (575) 769-3965 x101 or Derek@ContemporaryBenefitsLLC.com

www.ContemporaryBenefitsLLC.com

This material was prepared by MarketingPro, Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. This information has been derived from sources believed to be accurate. Please note - investing involves risk, and past performance is no guarantee of future results. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. This is neither a solicitation nor recommendation to purchase or sell any investment or insurance product or service, and should not be relied upon as such. All indices are unmanaged and are not illustrative of any particular investment.

Citations

1. cnbc.com, August 26, 2020

2. medicare.gov, September 16, 2020

3. medicare.gov, September 16, 2020

1 view

Contact

  • Black Facebook Icon
  • LinkedIn
  • Black Twitter Icon

Mailing Address:

PO Box 1083

Clovis, NM  88102

Supervisory Office:

6000 Uptown Blvd NE, Ste. 100

Albuquerque, NM  87110

​​

Tel: 575-769-3965

Fax: 575-769-1489

derek@contemporarybenefitsllc.com

marli@contemporarybenefitsllc.com

jessica@contemporarybenefitsllc.com

Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a Broker/Dealer, Member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Contemporary Benefits, LLC, and Cambridge are not affiliated. 

This is not an offer of securities in any jurisdiction, nor is it specifically directed to a resident of any jurisdiction.  As with any security, request a prospectus from your Registered Representative.  Read it carefully before you invest or send money.  A Representative from Contemporary Benefits, LLC will contact you to provide requested information.  Investment Professionals of Cambridge Investment Research, Inc. do not provide tax or legal advice in their roles as Registered Representatives.  Please consult your tax advisor or attorney regarding your situation.  Securities products are limited to residents of New Mexico and Texas.

Broker check transparent.png