Medicare Open Enrollment Period Ends December 7, 2013

With the current confusion regarding health insurance marketplace exchanges, it is important for Americans turning age 65 to remember to enroll in Medicare.  Medicare is not purchased through the Affordable Care Act's individual exchanges, but rather with the Federal government at www.medicare.gov.

Your initial Medicare enrollment period begins three months before the month you turn age 65 and ends three months after the month you turn age 65.  If you are still working for an employer with 20 or more employees, and are covered by health insurance, you may delay enrollment until you stop working.  If you do not enroll on time, your Medicare premiums will be higher by 10% times the number of years you are late in signing up.

If you are already enrolled in Medicare, you do not need to re-enroll, nor do you have to worry about the ACA's health insurance exchanges.  However, during Medicare's annual open enrollment period, you can make changes your Medicare plans.  Medicare's open enrollment began on October 15, 2013 and ends on December 7, 2013.

Medicare is federal health insurance for those age 65 and older.  If you apply for Social Security benefits early, at age 62, it does not make Medicare available to you any earlier than age 65.  Medicare is a self-only policy and does not include family members.  There is no pre-existing condition exclusion.  Medicare insurance consists of several parts, and it is important to enroll in all of the parts for which you desire coverage.
 

·       Part A:  coverage for hospital stays, home health services, and hospice care.

·       Part B:  coverage for doctor services, outpatient care, and medical equipment.

·       Part C:  known as Medicare Advantage, are policies from insurance companies rather than from the Federal government, that provide Part A and B coverage, and often Part D.

·       Part D:  prescription drug coverage, offered through private stand-alone drug plans or by Medicare Advantage plans.

·       Medigap:  private supplemental insurance that covers many of traditional Medicare's (Parts A & B) out-of-pocket expenses.  Medigap is inappropriate for Medicare Advantage plans.

You are not charged premiums for Part A if you or your spouse are eligible for Social Security benefits, otherwise the premiums will be $426.00 per month in 2014.

Premiums are charged for Parts B and D.  The amount of the 2014 premiums vary and are based upon the amount of your adjusted gross income reported on your Federal income tax return for 2012, according to the following table.

If your yearly income in 2012 was			You pay Part B premiums in 2014 of	You pay Part D premiums in 2014 of
File individual tax return	File joint tax return	File married & separate tax return
$85,000 or less	$170,000 or less	$85,000 or less	$104.90	Your plan premium
above $85,000 up to $107,000	above $170,000 up to $214,000	Not applicable	$146.90	$12.10 + your plan premium
above $107,000 up to $160,000	above $214,000 up to $320,000	Not applicable	$209.80	$31.10 + your plan premium
above $160,000 up to $214,000	above $320,000 up to $428,000	above $85,000 and up to $129,000	$272.70	$50.20 + your plan premium
above $214,000	above $428,000	above $129,000	$335.70	$69.30 + your plan premium