Do you have the Medicare coverage you need and want, or would you prefer a different plan? If you find yourself asking these questions, then it’s important for you to find a plan that will work for you.
Let’s talk about Medicare and one of the enrollment options that it provides so you can ensure you get the coverage you need.
What is Medicare?
Medicare is health insurance intended for specific groups of people. Most people that are enrolled in Medicare qualify based on age or disability. Medicare provides multiple different types of plans so that individuals can have access to the health insurance that they need. Medical costs can be so expensive, so it’s important that you have insurance to cover at least a portion of these, and having the right type of Medicare plan will ensure that you don’t become blindsided by high costs in a medical event.
There are certain enrollment periods throughout the year that you can use depending on your situation. If you hesitate and one of these periods ends, then you may need to wait until the next one to enroll or switch your plan. It’s incredibly important that you keep the enrollment periods in mind. Even if you’re happy with your current policy, it’s always a good idea to evaluate your insurance needs and make sure that there aren’t any necessary changes to your coverage.
The 5-Star Special Enrollment Period
One of the important periods to know about is the 5-Star Special Enrollment Period. Medicare has a star ranking system that it uses to evaluate its plans. Beneficiaries have the opportunity to give feedback and rank the plans, which is primarily how they get their star rankings.
In the 5-star system, the more stars the better. In fact, the 5-star plans are the ones that are excellent and typically the most wanted. This is why Medicare allows for a Special Enrollment Period when beneficiaries can switch their policies to a 5-star one. Ratings are decided upon yearly and truly do take the thoughts of beneficiaries into consideration.
If you’re considering switching your policy, then we can help. We understand that Medicare can be confusing, so it’s our mission to help individuals through the enrollment process. Call us today to make an appointment with one of our insurance professionals to discuss your Medicare enrollment options!