managing medicare

The most important consideration regarding Medicare is who actually qualifies. Turning 65 is the most obvious way to be eligible for Medicare. If you are under 65 and have been receiving Social Security Disability Insurance for more than 24 months, in most cases, you will also qualify for Medicare. This is also known as the two-year waiting period. You will automatically be enrolled in Medicare at the beginning of the 25th month that you receive a Social Security Disability Insurance check.

› By Laurel Gillum

If you are not 65 years of age, you will want to remember that the state- and federally run ACA marketplaces for individual health insurance plans begin open enrollment two weeks after Medicare open enrollment begins and runs until December 15. These two events—Medicare’s open enrollment and the ACA marketplaces’ open enrollment—are not to be confused. People with Medicare do not need to enroll in the health insurance marketplace. Also keep in mind that you have three months before your birth month and three months after your birth month to enroll in Medicare. Open enrollment is for those who have followed this guideline.

› Do nothing and keep your current Medicare medical and drug coverage as is.

› Switch to a Medicare Advantage plan from Original Medicare.

› Switch to Original Medicare from a Medicare Advantage plan.

› Change Medicare Advantage plans.

› Change Part D prescription drug plans, sign up for a drug plan if you don’t have one now or drop drug coverage.

For those Medicare veterans out there, the previous information is old news. Here are some recent changes to Medicare that you will want to brush up on. Rookies, this is for you, too!

PART B PREMIUMS. For most Medicare part B enrollees, the average $109/month Part B premium in 2017 increased by roughly 4 percent from the $104.90/ month they paid in 2016.

PART B DEDUCTIBLE. Rather than the $166 deductible in 2016, the deductible climbed to $183 in 2017.

PART A PREMIUMS, DEDUCTIBLE AND COINSURANCE ALL INCREASED IN 2017.

DECREASING PREMIUMS. Medicare Advantage’s premium averaged $31.40/ month in 2017—a decrease of about 4 percent from 2016.

PART D PRESCRIPTION DRUG COVERAGE. The Kaiser Family Foundation found that the average Part D deductible increased by 7 percent in 2017.

Learn more › VISIT medicare.gov FOR MORE INFORMATION.