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Medicare’s 4 Enrollment Periods

Finishing Well / Hans Scheil
The Truth Network Radio
January 9, 2021 8:30 am

Medicare’s 4 Enrollment Periods

Finishing Well / Hans Scheil

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January 9, 2021 8:30 am

At the beginning of every year, there is a Medicare Advantage Open Enrollment Period. Hans goes over what this period allows Medicare beneficiaries to do, as well as the 3 other periods! 


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Hello this is Willa Hardy with man talk radio. We all about breaking down the walls of race and denomination your chosen Truth Network podcasts is starting in just a few minutes. Enjoy it, share it, but most of all, thank you for listening to the Truth Network podcasts. This is the Truth Network welcome to finishing well brought to you by Cardinal guy, certified financial planner longs child best selling author and financial planners helping families finish well for over 40 years finishing well will examine both biblical and practical knowledge to assist families in finishing well, including discussions on managing Social Security, Medicare, IRA, long-term care, life insurance and investments and taxes.

Now let's get started with finishing well today's finishing well so was exciting for me because I love the idea of learning new stuff really do. And so I actually just this one of those shows. I was completely ignorant of what we can talk about today, it's Medicare's for enrollment periods, so I'm guessing everybody like me had heard all about how that started October 15 pleasant October 15 through December 7 day, that would and with limited information. I thought of you didn't know by then it was all over Katie bar the door to the next year, but we have secrets for no really cool information along those lines, but on the spiritual line I what I was thinking it all in first Timothy works is all God of Scripture is God breathed and there's a line in there that is always been intrigued me and said that the Scriptures able to cut between soul and spirit. Now that's a pretty fine line and I and how much time you thought about and some that up because honestly John Eldridge's prayer always talks about praying for your soul. Praying for your you know spirit, but also praying for your heart and praying for your intellect and so just try to make those cuts like what's the difference between your heart and what's between your soul in your spirit in your heart and your intellect as you might've heard a lot of people say that one of the longest distance in the world is between your heart and your intellect so you know, just to the show. At times I struggle with relationships. I have a family member, you might find surprising that annoys me most of the strategy to see if I didn't say if it was a boy but anyway this particular family person annoys me and in and you may have heard Jesus talk about that what makes a man unclean comes out of his heart so often no certain adjectives about this family member flowed in the my mind how I feel about her and how annoying I am up that's that's coming out of my heart. It really is but it floats in the my intellect, which then decides what I need to avoid her at all because right now so there but you know then you've got a soul what my soul really loves this person really does.

I really do love this person. However, my heart slows things out my mind as things with that information and then you know here comes my soul in an end and I love the 23rd Psalm where it says that you know he makes me lie down in green pastures.

He leads me beside still waters. And he says he's gonna restore my soul, my soul gets heartbroken over things like the election results. The most common things in him and him and and my soul really is suffering, it's interesting. By spending time with God, then, is my soul gets innovator, then that revives my spirit see so that the word of God is coming in and it's and it's revising my spirit that makes me want to engage more that affects my intellect and comes back and helps my heart. How's that for rejection of it but I don't think you were nicer that times that I have. Cannot it you know what were doing what we can do bends for it and so what were getting at is that it's helpful to know this information and decide for yourself what is your heart what you so what's your spirit know what your intellect what what happens at work out in your life and you know where does the work need to be done and when does that work need to be done is all critical part of planning right and so in planning for your Medicare situation. Understanding these for enrollment periods becomes a big deal really is. You know my business.

Medicare is the foundation's set on the course years ago of being America's Medicare expert long-term care and Medicare expert in liquid done a pretty good job that we have a bunch of very sharp young people who are also investment and financial experts, and they've really been trained mostly, there's no place to go to school to become a Medicare just doesn't exist. And certainly there's plenty of places to go to school to become a financial expert like you become CFP's but we put the same studying in the same research in the same knowledge and put it into practice in the Medicare costs so we you know when you really think about it. People receive Medicare differently coming with her on disability or not people whether they continue to work past 65 or whether their spouse works past 65 in the dependent benefits people are veterans and they can access the veteran services is a downside to that and then in the modern era you got really two distinct routes that you need to make a decision on or you can note go the Medicare part C Medicare advantage get your Medicare from like humanitarian United healthcare or Aetna or WellCare or one of those companies or you gonna stay on original Medicare from the government and are you going to purchase of private supplement to go along with that we've studied this stuff and we think it's really through our practice, we don't just sit here and read books on Medicare but as people come to us was problems and situations and then we research them and we solve them to the best of our ability. So what were talking about today is the enrollment periods of Medicare and I think most of you are going to be familiar with the annual did which just happened because the airways are just littered with these commercials and you know Joe Namath was on one of them. I don't know if you ever saw that Rob currently the number of you. I have sent community gotten emails and I've gotten texts and I've gotten phone calls. Now all about that. There's got to be some money in this for the companies some big money or they wouldn't be spending all that money just worrying about it for 70 weeks and be like 50 times a day and being out that's over, so a lot of folks really don't know and have haven't known exactly what you can and can't do during that October 15 December 7 annual enrollment. But you can do just about anything with your Medicare during that. But you gotta do it during those seven weeks and most folks would assume that that's it. If you don't get it done during that period. You can't do it and and really we can't do much. Between December 1 and January 1, but there's a whole new. It starts and it's called the open enrollment. In its January 1 to January.

She is made to to March 31 so it's three months longer and you can do some things during this. Let me just outline what they are is first of all, for this. Period of three months. This open enrollment period January 1 to March 31, you need to already be on a Medicare advantage plan. If you're not on a Medicare advantage plan now or effective on January 1 and there's nothing about this. This can be of benefit to you and I would also say that my not advocating that you get on a Medicare advantage plan list that works way just because you don't make the moment. That and everything to do without it. If you are on a Medicare advantage plan holy season opens up it. January 1 so there's some things you can do with that Medicare advantage plan. So one of them would be you can change to a different company or a different provider. So if you're on Humana and you want to move to something else you can consider all of them and you could move United healthcare. You were on United healthcare and you want to go that made so you can you can move one time. So here it is.

In part the reason he may want to do that in this period of time that you you got a phone call from Humana or whatever you saw Joe Namath and and you called in man is awesome but the first time you went to the emergency room you you saw some you would have seen if you had a Medicare sure and so you or meet you kids up, but not on that now Sauron you can go Medicare advantage to Medicare advantage you can go from like bland like plan different galleries. I was saying that is because that's one of the reasons you may not want to be on Medicare advantage plan went in the open enrollment.

But if you're there and and you all of a sudden saw this huge deductible that you didn't realize completely or there were some other issues that your doctor was not met in their list of doctors or something along those want. This is the perfect opportunity right then. That's the second thing you can do this if you're a Medicare advantage plan January 1. You can elect to go back to original Medicare, so you can leave part C and go back on parts a and B original Medicare okay and then now you're not getting your Medicare from Humana are United healthcare Aetna your you can be getting it directly from the government so If They Thought the Test.

Take Me for Example, Although I Didn't Choose a Medicare Advantage Plan, but Had I Done That. Ryan and I to I Came in January 1 As I Knew This Was on Last Thought I Signed up for and I Got This Big Huge a Payment I'll the Hospital or Whatever the Situation May Be That Disappointed Me That I Can Go off of.

You Can Go Backwards to That Backwards, but You Can Undo Your Medicare Advantage Election Go Back on Original Medicare, and Now You're Going to Need to Apply for a Medicare Supplement and You're Gonna Have To Answer Health Questions When You Apply for That Medicare Supplement Now These Aren't As Hard As Eli's Care. Pre-Existing Conditions, There's A Lot Of People That Have Some Pretty Serious Stuff Wrong with Them That Were Still Able to Get on a Medicare Supplement so I Don't Want That to Scare You Away from the Least Investigating Other Some People That We Just Can't Get Him on Any Medicare Advantage Medicare Supplement Policy Is. But It's All the More Reason for My Perspective to Make Sure You Have Somebody Help You with This Newness. Don't Jump off Your Medicare Advantage Program before You Researched While Can I Get a Supplement.

What Would That Be Almost Comically Actually Want to Apply for the Supplement in My Book and Get It Issued.

Then You Want to Dump the Medicare Advantage Plan and the Way You Dump the Medicare Advantage Plan Is You Would Enroll in a Part D Plan Is You Need One of Those Two Is Used To Have That Partier and That's Guaranteed Issue. Part D Mean Your Drug Deeply Drug Plan yet Part D Plan and When You Do That That Will Automatically Disenroll You so We Got to Do All the Stuff She Really Can Do Two Things during This LEP or January 1 to March 31 Is You Can Switch from One Medicare Advantage Plan to Another Medicare Advantage Plan. Perhaps You Want Their Benefits Their Network of Doctors, Whatever Whatever Whatever the Deal Is.

That's Number One Number Two Which You Can Do Is You Can Leave Your Medicare Advantage Plan System.

The Part C System Go Back to ANB Original Medicare. But before You Do That Apply for a Supplement Get Issued, Then Do That and Then We Can Also Sign You up for a Medicare Part D Drug Flouting See There's A Lot Here. We Got to Maybe 1 1/2 of the for the Stuff Read so Much More. You Can Find out All about A Lot Of the Stuff Which I Wasn't Even That Familiar with These Is It on His Book a Cardinal Guide to Planning for and Living in Retirement Is All There Are No As Well As Ways to Order the Book for Them of This Chapter Is on Medicare Will Be Right Back with a Whole Bunch More of Medicare. Hans and I Would Love to Take Our Show on the Road to Your Church, Sunday School, Christian or Civic Group. Here's a Chance for You to Advance the Kingdom through Financial Resources and Leveraging Harms Expertise and Qualified Charitable Contributions Veterans Aid and Attendance IRA Social Security Care and Long-Term Care. Just Go to Cardinal and Contact to Schedule a Live Recording of Finishing Well at Your Church, Sunday School Civic Group Contact Time to Cardinal That's Cardinal Welcome Back to Finishing Well Certified Financial Planner Hans Silent. Today's Show Medicare Is for Enrollment Periods and so We We've Talked a Little Bit, but to Be Good Time to Review What Are All for from OKC Get Annual Enrollment.

AEP October 15 to December 7.

You Can Do Most Things Are All Things Medicare.

You Can Make Changes during This Period of Time. Consider All Your Alternatives. You Can Make Several Changes Every Just Finish That Now Were Entering the Open Enrollment Period of Just Entered Which Is January 1 to March 31 the 31 Days March Okay Good. Got That Right. Just My Luck. I Never Could Memorize a List so You Three Months, and during Those Three Months Were Just Going over the End of the Last Show.

You Can Do Two Different Things You Can Do You Have To Be on a Medicare Advantage Plan to Have This Enrollment. Be of Use to You. So If You're on a Medicare Advantage. Part C Plan and You Want to Change It to Another Medicare Advantage Plan with a Different Company with Different Benefits and Then Possibly Could Have Different Networks of Doctors, a Different Drug Plan Is Associated with That. There's A Lot Of Reasons That You Would Want to Do That Were Not Necessarily Encouraging You to Do That Were Just You Would Have the Option during This Period of Time to Make a Change of like the like Is Really What Amounts to Is the First Thing the Second Thing You Can Do Is That You Can Leave the Medicare Advantage, Part C System Go Back to Original Medicare Parts a and B That I Would Suggest before You Do That You Need a Medicare Supplement, and You Can Apply for the Medicare Supplement before You Leave Your Medicare Advantage Plan.

Get Issued and Then Will Help You Do That and Then You Gotta Add on a Part D Plan.

So Those Are the Two Things You Can Do during Open Enrollment, Which Is What Were in Now Others to More Periods and One of Those Is Called the SEP or the Special Election. What the Special Election. Is Something Special Is Happening to You Is Unique to You. You've Moved War, There's Been a Hurricane and Affected Your Counting and You Couldn't Change Your Medicare Plan Now and You Can See Examples Why That Would Be Necessary Because It's a Big Part of Medicare Advantage If You Chose That Type Medicare Is a Network of Doctors so Sure You Have Doctors in Your Area Lived in Oklahoma City and All Of A Sudden You Know You Moved to Sandusky, Ohio, and You Know You Got a Whole Different Ballgame. So They Give You This Special Time since You Moved in Order to Do That or Referred Pain or Some Other Major Catastrophe Happened in Your Area It to Wipe out a Hospital or All Sorts of Things That Would Make You Have a Need to Have a Special Enrollment Period for Medicare. The Whole Bunch of Rules Float around This Again Will Get Back to the Medicare Experts Thing Where We Know We We Don't Claim to Be Right Hundred Percent of the Time, so No Experts Are Weak We Know More about This Than Most People That Are in Our Business and We Know Everybody Situation Is Different, and Sometimes We Really Gotta Almost Create One of the Special Election. You Gotta Get Somebody like If You Move into a Nursing Home or You Move into Assisted Living so That Qualifies You to for Special Election.

And There's Even a Special Group of Plans That Now Open up for You Because You're a Resident and a Senior Living Facility or Nursing Home and so Is It Just around the Special Election Just by the Word Specialist for the Whole List of Things to Qualify for That and Then the Fourth One Is the IEP or the Initial Election.

And What That Means Is That's the First Time You're Going on Medicare Part B, Which Some People Start a 65 They Don't Start Because Are Still Working and Then They Wait until 67 or 68 When They Retire, Author, Group Insurance, Then There IEP or Initial Election. His Moved around Their Data When They Went on Part B for Most People to Go on Medicare and 65. The Initial Election. Her IEP Is Right around Their Birthday. So Why Get into the Details on That Because You Would Go to Repeated Any Self Thirst for Election Periods That Can Go on Two of Them Happen. According to the Calendar and Then Two of Them Happen around Something That Is Special to You, Which Is Your First Time You're Going on Medicare or You Have Something Special Happen in Your Life That Causes You to Need a Special Election.

Now, during Three of Them You Can Do Anything You Can Change Anything regarding Medicare, but This One That Were in Now the LEP There's Only Limited Things That You Can Do and That You Have To Be on a Medicare Advantage Plan so I Don't Expect People to Memorize This. I Just I Think That If You Get Util Any of These Election Periods That It's Best to Get in Touch with Professional and Have Somebody Help You with This That Actually Knows All the Rules Because If You Watch TV Regularly, or Even Anymore with Your Text or Whatever All You're Ever Going to Hear about Is Another One That Happens from October 15 through December 7 Excessively When They're Allowed to Acquire the Law Advertise Right That They Can Advertise That They Have a Services Only during Eight the McCall That Open Enrollment Is Annual and That's Okay. Something AEP Is Confusing As Annual Enrollment. The Annual Enrollment. Which I Guess October to December Is the One That They're Allowed to Advertise, but You Don't Hear about the Special 151 Advertising Would Say Little Prayer and Thank the Lord for the Only Time They Can Advertisement in Matthew Method That Is Internet Fall Time of the Year. Imagine If We Had the Stucco and Year-Round Marketer and a Seller of the Stuff and I Said This Is Basic to Our Business. This Is How We Meet People. So I Would Certainly like That in Our Ads Don't Look like Everyone Else's Ads. We Actually Give Him Some Education and People Tend like Our Ads, but I'm Just Talking about for My Own Personal May Not Homelessness. And so You Know I Got Back Sets but I Certainly Don't and It's Actually against the Law against Regulation for Me to Promote Open Enrollment Period, Which Were in Now or You Could Just Change Medicare Advantage Medicare Advantage.

We Could Leave Medicare Advantage. I Have To Wait for You to Call Me and I Know I'm Not so Much Promoting That Now Because Were Running an Educational Radio Show Here but We We Don't Send out Flyers or Mailers or Emails or Anything Promoting That Because It's against the Regulation. The Government Just Wants You to Be Able to Do It This Morning by Telling You about. Another Big One That's There That That the People Don't Promote Is That Initial Election. Right Right at and so I Would've Never Known in the Million Year There Would Be No Way That I Would've Known That I Could Begin That Process in July. My Birthday Was in October I but I Was Totally Hooked up Because It Seems You Go to the Website, You Know, I Was Able to Apply for and Get My Head My Medicare Card Weeks before I Was on Medicare. I'd Figured out the Medicare Supplement Has Been Directed at the Drug Plan I Was to Do and As It Turned out One of Those Things Got Botched Not by You Guys, but by the Insurance Company and so I Never Got the Cards in on Any and so I Called Tom and Mike Tom You Know I Got My I Got My My Card for My Medicare Supplement and I Got My Card for My Drug Plan, but I Never Got My Actual Medicare Card. I Think That's Kinda Critical to Guzzle You Now You Can Go to Dented and so You Help Me Get My Actual Medicare Card Even Though I Got the Email Saying You're All Set up and This Is No Card Cano Card Cano Card Came in so You Know He Ended up Helping Me Go Back and Get That Stuff Done, but It Was All the More Reason It Number One That's Critical That You Know You Start That Is or Could Be Signs Right If I If You Don't Start Plant Partying with Wave When You're Supposed Partying Part B and Yeah I Mean? Of the Insured Me Just It's Critical That You Get That Stuff Done, You Can Do It Online Now within for Them to Do All That Confirm All That in the Nuts into the Cart. This Is Medicare Were Talking about for the Insurance Company. It Was My Medicare Card Limit Came from Medicare A Red White and Blue and Bright Blonde Has That Number on Your Getting Them Send Another One Is like Trying to Get Another Social Security Card or Something You Just like in a Passport or Something It Wasn't. It Was Not Easy, but That's Something I'm Glad I Did It in July Because Realized As a Fighter Waited till 1 October. You Know It in As It Turned out, and You Know That That's Not the Time to Talk It Will Flicker. That's Where I Was to Meet Now This Stuff and I Had and I Was I Was Totally Prepared with All My Cards.

Whatever Has That Harness Really Happy Going in the Arctic That You Were You Were Fulfilled in the Event That You Protect. That's a Good Word That I Was Protected but You Know I Hear Horror Stories All the Time. The People That Are My Age All Mama Penny's Fines and and in the Fines Come Out Of Your Social Security Forever Penalties the Column in the Column Penalties. Excuse That They Don't Call Them Fine Yes and You Know What Their Lifetime Right Once They Start These. They Never Go Away to Die Right There Taken a Certain Amount Out Of Your Social Security Check I Got People That Have Been on Penalties. There 85 and They Been on Penalties for Lessee 15 Years or so Because They Did Something Late and They and Their Additional Payment and They See It You Know Every Month or They See It Every Year That It's Right There, and They Can Be a Part D Late Enrollment They Can Be on Part B Late Enrollment Either or Both and They Really Make People Angry. You Can See Why I Mean I Can Understand They Would Need Some Amount of Money When They Were No for Two or Three Years or Whatever but Your Time at Some Guys Now Is in His 90s. In His 80s. I Could Find One in the 90s, They Bring It up Every Year in Our Call Number Redoing Their Drug Plan and We Listen to Own and You Know Again I Was. I Tell Him That I Just My Job Is Not to Make You like. It's Not My Job and I Have To Tell Myself That All the Time Because I Can Launch into Trying to Make Somebody Happy about Something They're Angry about.

And so My Job, My Job Is Just to Explain It to You and Try to Make It the Best That We Can Possibly Make That That's What My Job Is and Then I'm Just Gonna Leave You with Me, You Just Got You Got This Penalties Anger People so One More Time before Our AEP Annual Enrollment. That Just Happen Just Finished What Were Now Open Enrollment. OAP the SEP, Which Is Special Enrollment Period Which Can Be Any First of the Month of the Year of 12 Different Dates. It's Based upon Something That Happened to You Some Special Situation like Moving a Disaster. Your Spouse Dying Losing Group Insurance and There's All Kinds of Things That Could Create a Special Enrollment. And Then the IEP Which Is the Initial Enrollment.

Which Is the Time When You First Go on the Medicare and Then in Each of These Periods Are Certain Things You Can Do and There Certain Things You Can't Help Where There's A Lot Of Confusion Is Your Medicare Supplement Policy. A Lot Of Folks Think That They Can Only Change That during One of the Special.

You Can Change Your Medicare Supplement Policy Medigap Policy 365 Days a Year Has Nothing to Do with the Federal Government Other Than They Dictated the Standardized Policies That Set They Basically Dictate Medicare.

It's a State Government Thing and the Opening of the Enrollment Period for Medicare Supplements or Continues and Why That Matters Is If You're Paying a High Premium for Your Medicare Supplement Insurance and Is Been Going up and Going up.

You May Want to Consider Changing That One Is Less Expensive and You Can Do That Anytime Year This Time You'd Be a Great Time, so Just Give Me a Call. No Solid Cargo That's Cardinal Don't Forget the Guide and Where You'll Find Tom's Book the Complete Cargo Guide to Planning for Living in Retirement Where You Have To Seven Were You Chapters That All Free Downloads We Can Get the Whole Book of All This Information in It As Well. You Know the Shows Finishing Well or Contest I'm excuse this look further into the radio show finishing well and you get a podcast of all sorts of shows, along with all kinds of resources materials because we really feel that Hans and I both knew that the more information you have right, the better your intellect. In this case, you know what inform your heart. What kind of decision you need to make and that would be good for your soul, which then wasn't in danger spirit to engage God and enjoy your life.

Thank you for this.

Thank you.

We hope you enjoyed finishing well brought you by cargo visit Cardinal for free downloads of the show previous shows on topics such as Social Security, Medicare and IRAs, long-term care and life insurance, investments and taxes as well as ponds best-selling book the complete Cardinal guide to planning for and living in retirement and the workbook once again for dozens of free resources past shows to get Hans book go to Cardinal if you have a question, comment or suggestion for future shows. Click on the finishing well radio show on the website and send us a word. Once again that's Cardinal Cardinal this is the Truth Network

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