The adage “One size does not fit all” is especially true for insurance coverage, a point to which local insurance representative Jimmy Sidberry can attest.
“This is my season,” Sidberry said on Tuesday’s TownTalk with guest host Steve Lewis, referring to the annual enrollment period open now through Dec. 7.
The annual enrollment period is a time for Medicare beneficiaries to take a look at their existing plans and make sure they’re still getting the best deal for their situation.
As Sidberry, with The Health Insurance Store on Dabney Drive explained it, Medicare is a federal insurance that pays 80 percent of a plan for people over 65. Medicaid is a state plan that helps low-income people pay that 20 percent not covered by Medicare.
Medicare is for people over 65 and for people under 65 with certain disabilities.
There are Medicare Advantage plans that provide coverage for extras like dental and vision, Sidberry said.
The main thing that Sidberry said people approaching Medicare age should remember is this: Apply during the all-important window before your 65th birthday and no later than two months after. “If you wait, you can run into penalties,” he said. Penalties that won’t go away.
Same with prescription drug plans. The federal government requires beneficiaries to select a drug plan.
Beneficiaries who follow all the guidelines and meet all the deadlines have options before committing to a yearlong plan, Sidberry said. The open enrollment period runs between Jan. 1 and March 31.
“If a plan isn’t working for you, talk with your agent during the open enrollment period,” Sidberry suggested.
Want to learn more? Contact Sidberry at 919.500.9648.
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