Understanding Medicare: Answers to the Four Most Frequently Asked Questions
As we and our loved ones age, life changes bring important choices, such as selecting the right Medicare plan. Understanding your options is the first step, and we're here to simplify the basics of Medicare by answering the four most frequently asked questions.
What Exactly is Medicare?
Medicare is a federal health insurance plan for people 65 years of age and older. It is also available for people with disabilities and people with End-Stage Renal Disease (permanent kidney failure requiring dialysis or a transplant). Medicare offers a variety of benefits designed to help people live their healthiest lives and is made up of different parts.
What are the Different Parts of Medicare?
Medicare covers medically necessary care and consists of two parts – Part A and Part B. Part A covers hospital costs such as inpatient care, nursing facility care, hospice and home health care. Part B covers services from doctors, health care providers, outpatient care and home health care.
What is Medicare Advantage and How is it Different than Medicare?
Think of Medicare Advantage as a super package that brings Medicare Parts A and B and Part D drug coverage together. Medicare Advantage is offered by private health insurance companies like MVP and is an affordable way to secure additional coverage and extra benefits. For example, MVP’s Medicare Advantage offers rides to your doctor's appointments, fitness benefits, dental and vision benefits and over-the-counter benefits, to name a few.
How to Enroll in Medicare?
You can sign up for Medicare within three months before or after your 65th birthday. Once you are enrolled in Medicare Part A and Part B, you can enroll in a Medicare Advantage plan with Part D prescription drug coverage.
Each year, from October 15th to December 7th each year, you get a chance to tweak your Medicare plans during the Annual Election Period (AEP). During this time, you can switch plans, and the changes will go into effect on January 1st. If you don’t like the plan you picked or didn't enroll but would like to, you can still make a change during the Open Enrollment Period (OE) which runs every year from January 1st to March 31.
As a community-centric organization, MVP knows firsthand that health care is more than just coverage. It's about wellness, knowledge and empowerment. This is why our team is dedicated to designing personalized health care to meet the unique needs of our customers and helping you make informed decisions.
Do you have other questions or want to get started?
If you want to dive deeper into Medicare or Medicare Advantage, or have any questions, we've got answers for you. Check out our MVP Medicare Plans or give an MVP Medicare Advisor a call at 1-800-TALK-MVP (1-800-825-5687) (TTY 711). We can't wait to chat!
