Medicare - What You Should Know Before Open Enrollment

What This Video Is About

This video is an introduction to Medicare, presented by Ari Parker, co-founder of Chapter. The presentation aims to make Medicare decisions easier to navigate.

Major Ideas Discussed

• Medicare can be thought of as a three-legged stool, consisting of hospital coverage (Part A), outpatient coverage (Part B), and drug coverage (Part D).
• There are three key decisions to make when approaching Medicare: obtaining your red, white, and blue card, covering the 20% gap, and taking action.
• The initial enrollment period for Medicare is 7 months, starting 3 months before your 65th birthday and ending 3 months after.
• There are two main options for additional coverage: Medigap (Medicare Supplement) and Medicare Advantage (Part C).
• Medigap provides comprehensive coverage, freedom to see any specialist, and cost certainty, while Medicare Advantage has network restrictions, prior authorization requirements, and varying costs.
• Guaranteed issue rights may allow you to enroll in a Medigap plan without answering health questions in certain cases.

What to Watch Next

• High-income earners may be subject to the Income-Related Monthly Adjustment Amount (IRMAA) tax.
• It is recommended to sign up for Medicare 2-3 months before retirement if you are past 65 and planning to retire.
• If you have a pre-existing condition, you may be denied for a Medigap plan in 46 states.