Medicare Open Enrollment is upon us – are you ready?
If you don’t already rely on Medicare for your health care needs, you should know the basics before you sign up for coverage. Open Enrollment begins on October 15 to December 7, every year.
Fall Open Enrollment is the time of year when you change or sign up for Medicare coverage. You can do this by joining a new Medicare Advantage Plan or by joining a new stand-alone plan. Additionally, you can switch to Original Medicare with or without a stand-alone plan from Medicare Advantage Plan during this time.
If you have yet to know the basics (and essentials), check out the six things to know about Open Enrollment.
Fall Open Enrollment occurs from October 15 to December 7 of every year.
- If you enroll in a plan during Open Enrollment, your coverage will start on January 1st, 2017.
- In most cases, this is the only time you can choose a new Medicare Advantage or Medicare Part D plan.
- If you have Medicare Advantage, you can also switch to Original Medicare.
You’re able to review your current Medicare health and drug coverage.
- If you’re unsatisfied with your current Medicare coverage, you can make changes to your coverage during Fall Open Enrollment. The changes will take effect January 1st of the following year.
- Even if you’re happy with your current Medicare coverage, take action and look at other Medicare options in your area that may suit your individual needs in the upcoming year.
- If you have a Medicare Advantage Plan or a stand-alone Part D plan, you should receive an Annual Notice of Change and/or Evidence of Coverage from your plan.
The Affordable Care Act requires most Americans to get health insurance or face a tax penalty. Every year, the tax penalty will increase. In 2016, the fine for no health insurance coverage is 2.5% of your yearly household income or $695 per person, $347.50 per child under 18. The maximum penalty is the national average premium for a Bronze plan. So why not get insured?
Here at Humble & Davenport, we strive to provide insurance services that meet your needs and budget. Our agents represent multiple carriers and can pair you to the coverage that you need to protect yourself and those you love. It’s never too early to get prepared for applying for coverage! Contact us today in Renton, Washington to get started today!