Navigating Medicare can be overwhelming, especially when you come across terms you don’t understand. For example: What is AEP? And what is the difference between Original Medicare and Medicare Advantage? Keep reading to get answers to all these questions and more.
Annual Enrollment Period (AEP)
Annual Enrollment Period is a time of year when you can make changes to your Medicare coverage. It’s usually held between October 15th and December 7th of each year. During AEP, you have the option to change Medicare Advantage plans, switch from Original Medicare to Medicare Advantage, and add or change prescription drug coverage.
Deductible
Deductible refers to the amount you pay for medical services before your insurance plan starts paying. Most Medicare plans have deductibles, and the dollar amount varies based on the plan.
Copayment
Copayment is a fixed amount paid for a medical visit or service covered by Medicare. The copayment amount can differ depending on the type of visit or service you receive.
Donut Hole
The term “donut hole” refers to a gap within Medicare drug coverage, where you will pay more for prescription drugs until you reach a certain amount. Most Medicare drug plans have a “donut hole.”
Lifetime Reserve Days
For every hospital stay, Medicare offers a total of 60 reserve days, which can be used when the patient is admitted to the hospital for more than 90 days. These reserve days can be used only once during a hospitalization period.
Medicare Advantage
Medicare Advantage (or Medicare Part C) is a type of healthcare plan offered by private companies approved by Medicare. Medicare Advantage plans cover everything included in Original Medicare, but may also offer additional benefits, such as prescription drugs, vision, dental, and hearing.
Wrapping It Up
Understanding the terms above will help you make informed decisions about your Medicare coverage.
Remember to always ask questions and seek guidance if you’re unsure about any aspect of your healthcare coverage.
If you need help, don’t hesitate to reach out to our team of experts at Mint. We can provide you with detailed explanations and help you navigate through your plan options.
Need Help Making Sense of Medicare Advantage? Mint Insurance Agency Is Here To Help
We are an insurance agency dedicated to becoming a lifetime partner for your Medicare needs.
If you need assistance or want to learn more about the alternatives at your disposal, contact our licensed agents today or call 1.888.225.MINT (6468). Our team stands ready to answer all your questions.
