The Medicare Annual Enrollment Period (AEP)

The Medicare Annual Enrollment Period (AEP) (also known as the Open Enrollment Period) is from October 15 to December 7 each year. During this time, anyone with Medicare can join, drop, or switch their Medicare Advantage Plan (Part C) or Prescription Drug Plan (Part D). Any changes you make will become effective on January 1 of the following year. 

Final Expense Insurance

Final expense insurance, also known as burial insurance or funeral insurance, is a type of whole life insurance, designed to cover end-of-life expenses. These expenses can include funeral costs, medical bills, and other debts, providing a financial safety net for loved ones after a person's passing. 

Medicare Hospital Indemnity Coverage

Medicare Hospital Indemnity coverage is a supplemental insurance that provides a cash benefit to help cover expenses related to a hospital stay, such as copays, deductibles, and other out-of-pocket costs. It's not a replacement for Medicare, but rather a way to supplement existing coverage like Original Medicare or Medicare Advantage plans. The benefit is typically paid as a daily cash amount for each day spent in the hospital, and can be used for any expenses related to the hospital stay or even other living expenses. 

What is IRMAA?

In Medicare, IRMAA stands for Income-Related Monthly Adjustment Amount. It's an additional surcharge on Medicare Part B and Part D premiums for beneficiaries whose income exceeds certain thresholds. This surcharge is calculated based on the beneficiary's Modified Adjusted Gross Income (MAGI) from two years prior.

• Why it exists:
  IRMAA helps ensure the financial stability of Medicare by requiring higher-income beneficiaries to contribute a greater portion of their Medicare costs.

• Who it applies to:
  IRMAA applies to Original Medicare and Medicare Advantage enrollees.

Key Features of Medicare Supplement Insurance Plans

Coverage:
Medigap policies offer standardized coverage, meaning policies with the same letter offer the same basic benefits, regardless of the insurance company.

Standardization:
There are different types of plans (A through N) with varying benefits.

Cost:
Medigap premiums vary based on the specific plan and the insurance company offering it.

Additional Benefits:
Some plans may cover additional benefits, such as emergency medical care outside the US, or may include benefits like vision, dental, or hearing coverage.

Eligibility:
You must be enrolled in Original Medicare Part A and Part B to be eligible for Medigap.

Open Enrollment:
You have a Medigap Open Enrollment period, which starts when you're 65 or older and enrolled in Medicare Part B. During this period, you can buy any Medigap policy without being denied coverage due to pre-existing conditions.