Whether you are approaching age 65 and exploring Medicare for the first time or you’re already enrolled, knowing the critical dates and deadlines is essential. Missing a key window of opportunity can affect your coverage, costs, and even your ability to get the plans you need.
TMA Insurance Trust understands how to best supplement your Original Medicare plan and manage your prescription drug coverage. Our knowledgeable advisors keep these pivotal dates and other essential considerations in mind, so you don’t have to handle coverage decisions alone.
Important Dates to Know
While Original Medicare is an excellent foundation, it typically only covers 80% of medical procedures and does not cover prescription drugs. This is why many Medicare beneficiaries choose to enroll in a Medicare Supplement (Medigap) plan to help cover the remaining 20% of costs, and a Medicare Part D Prescription Drug Plan to manage medication expenses.
TMA Insurance Trust advisors do the research to help physicians compare plans, ensuring you understand your options and choose the coverage that best fits your individual needs. We can even check to see which plans cover your specific prescription drugs and what they will cost.
Mark your calendar with these vital Medicare dates:
- October 1: Annual Notice of Change (ANOC) - If you are in a Medicare plan, your plan will send you one of these by October 1st. The ANOC includes any changes in coverage, costs, and more that will become effective in January.
- October 15 - December 7: Medicare Annual Enrollment (AEP) - During AEP, you can review your Original Medicare plan coverage and switch plans to get better coverage or save money. This is especially important for those considering switching from a Medicare Advantage Plan to Original Medicare or from one Part D Prescription Drug plan to another.
- January 1 - March 31: Medicare Open Enrollment Period (MOP) - Not to be confused with the Annual Enrollment Period (AEP), the MOP (also known as the Medicare Advantage Open Enrollment Period) allows you to cancel a Medicare Advantage Plan to switch back to Original Medicare. You can also add a Part D prescription plan during this period.
Other very important dates:
- Your 65th Birthday: Consider enrolling in Medicare - Your 65th birthday is an important milestone, and it marks a key time for your Medicare decisions. You have a seven-month window to enroll in Medicare, and it's a period you won't want to miss. This window starts three months before your birthday month, includes the month of your birthday, and continues for three months afterward. It's also the ideal time to enroll in a Medicare Supplement (Medigap) plan and a Part D Prescription Drug plan, because acceptance for the Medigap plan is guaranteed. After this period, you can still apply for a Medigap plan, but you may have to go through an underwriting process to be approved.
- October 1: Schedule medical care - It is a good time to schedule any medical care you need before the end of the year and a new deductible is required. January 1, health plans and Medicare Part D plans begin their annual deductibles.
Don’t Let Medicare Overwhelm You
TMA Insurance Trust’s mission is to be there with physicians every step of the way. The caring and support that was available to you as a member for no cost early in your career will now follow you into retirement, helping you make confident, informed decisions about your Medicare coverage.
Don’t let the logistics and complexities of Medicare leave you feeling overwhelmed. Let one of the experienced advisors help you make the best choice for your healthcare coverage. Contact us today at 800-880-8181, Monday through Friday, 8:00 AM to 5:00 PM CST.
