As senior citizens receiving primary care services consider their Medicare Advantage enrollment opportunities and the applications, it’s worth exploring and evaluating just how much of an understanding they may have regarding such plans.
According to a new poll, a significant number of Americans are unaware of their healthcare coverage. Last month, MedicareGuide.com completed an online poll of 1,010 Medicare-eligible individuals in the United States. According to the poll, nearly thirty percent of respondents did not completely comprehend their Medicare Advantage plans, while just over twenty percent did not comprehend their Medicare Supplement plans.
Most Medicare-eligible Americans seek registration assistance from agents due to a lack of awareness.
The value of confidence in licensed insurance brokers among plan shoppers was highlighted in the survey. A total of 52% of Americans who signed up for Supplement or Advantage plans did so with an affiliate.
Medicare Advantage applications are uniform and often two pages long, while Medicare Supplement applications differ by carrier and state and are nearly always over ten pages long.
The Centers for Medicare and Medicaid Services (CMS) established the Medicare Advantage Open Enrollment Period back in 2019, but it may seem a bit more foreign than other Medicare enrollment periods.
Each year, the Medicare Advantage Open Enrollment Period begins on January 1 through March 31. It’s worth noting that it differs from the similarly named Medicare General Enrollment Period, which also runs through the same dates.
Individuals that were not participating in Medicare Parts A or B after their Initial Enrollment Period are eligible for Medicare General Enrollment. Enrollments made during General Enrollment in Medicare kick off on the first of July.
This enrollment period is open to those who are interested in Medicare Advantage (Part C) Plans. However, the Medicare Advantage Open Enrollment Period does not apply to those either participating in Original Medicare (Parts A and B) or a Medicare Supplement Plan.
There is the option to change or cancel the Medicare Advantage Plan during the Medicare Advantage Open Election Period.