Insuring a Bright Future

A deductible is an amount that you're responsible for in the event of a loss. This is the amount you pay out-of-pocket, and insurance covers the remainder.

 1. Initial Enrollment Period (IEP)

• When it happens: This is a 7-month period that begins 3 months before you turn 65, includes the month you turn 65, and ends 3 months after your 65th birthday.
• Who it’s for: This period is for people who are new to Medicare, either because they are turning 65 or have become eligible due to a disability.
• What you can do: You can sign up for:
  • Part A (Hospital Insurance)
  • Part B (Medical Insurance)
  • Part D (Prescription Drug Coverage)
  • Medicare Advantage (Part C) plans
• Why it's important: Signing up during this time ensures that you can avoid late penalties and begin coverage without delays.
   

2. General Enrollment Period (GEP)

• When it happens: From January 1 to March 31 every year.
• Who it’s for: This is for people who didn’t sign up for Medicare during their Initial Enrollment Period.
• What you can do: You can sign up for:
  • Part A
  • Part B
  • Part D (through a standalone plan if you didn’t get it when first eligible).
• Important note: If you sign up during the GEP, your coverage will start July 1 of the same year, and you may have to pay a late enrollment penalty if you didn’t sign up during your IEP.
   

3. Medicare Annual Enrollment Period (AEP)

• When it happens: From October 15 to December 7 each year.
• Who it’s for: All Medicare beneficiaries.
• What you can do:
  • You can switch from Original Medicare (Part A and Part B) to a Medicare Advantage plan (Part C).
  • You can switch from a Medicare Advantage plan back to Original Medicare.
  • You can add or change your Part D prescription drug coverage.
  • You can change your Part D plan if you already have it.
• Why it’s important: This is your main opportunity to make changes to your Medicare coverage for the upcoming year. You can also review plans to ensure you're getting the best drug and health coverage for your needs.
   

4. Medicare Advantage Open Enrollment Period (MA OEP)

• When it happens: From January 1 to March 31 each year.
• Who it’s for: Only people who are already enrolled in a Medicare Advantage plan.
• What you can do:
  • You can switch from one Medicare Advantage plan to another.
  • You can drop your Medicare Advantage plan and return to Original Medicare (Part A and Part B), and also enroll in a Part D plan if needed.
• Important note: This period is strictly for changes to Medicare Advantage plans and doesn’t apply to those with Original Medicare unless switching plans from Medicare Advantage.
   

5. Special Enrollment Period (SEP)

• When it happens: At various times throughout the year, depending on certain circumstances.
• Who it’s for: This is for people who have special circumstances that qualify them for enrollment outside the typical periods. Some common situations include:
  • Moving out of your plan’s service area (e.g., moving to a new state).
  • Losing other health coverage, such as employer health insurance.
  • Returning to the U.S. after living abroad.
  • Becoming eligible for Medicaid or the Extra Help program for prescription drug coverage.
• What you can do: You can sign up for Medicare, or make changes to your plan, depending on your situation.
   

6. Special Enrollment Periods for People with Medicaid (Dual-Eligible)

• When it happens: Anytime you qualify for both Medicare and Medicaid (dual eligibility).
• Who it’s for: People who are eligible for both Medicare and Medicaid.
• What you can do: You can switch to or from Medicare Advantage plans or make changes based on Medicaid eligibility, often outside the typical enrollment periods.

A Medicare Advantage is another way to get your Medicare Part A and Part B coverage. Medicare Advantage Plans, sometimes called "Part C" or "MA Plans," are offered by Medicare-approved private companies that must follow rules set by Medicare. If you join a Medicare Advantage Plan, you'll still have Medicare but you'll get most of your Part A and Part B coverage from your Medicare Advantage Plan, not Original Medicare. These "bundled" plans include Medicare Part A (Hospital Insurance) and Medicare Part B (Medical Insurance), and usually Medicare drug coverage (known as Part D). They often include additional benefits that Original Medicare does not offer (gym memberships, dental coverage, and vision are a few many of these Part C plans include).

Yes! Preserving Principles is an agency that specializes is Medicare rights and options, however, we can also help with ACA plans (Affordable Care Act: individual insurance plans) and small group plans. We also offer free quotes for life insurance products, cancer plans, dental plans, and hospital indemnity plans. Contact us today for a free quote!

 Preserving Principles does not currently have a storefront location, but as independent agents, Ashley and Jenna are committed to meeting clients where they are. They believe in the value of a personal, face-to-face connection, especially for the first consultation, as it allows for a more tailored and meaningful discussion. However, during the Annual Enrollment Period, they must remain flexible. Depending on shifts in the market, they may transition to Zoom or remote consultations, or suggest meeting at a local library or coffee shop, ensuring clients always have convenient options. Ashley and Jenna are both proud to serve the entire state of Iowa, offering personalized services that cater to the unique needs of retirees and those nearing retirement.