As an accounting major in college, I quickly learned all of the complicated parts of the accounting cycle. I discovered how to input the details of business transactions into a computerized accounting system. At the end of an accounting cycle, such as a month, I became experienced with calculating the revenue for the period. If you’re starting a new business, determining an accurate amount of revenue for each accounting cycle is crucial. You must know how much profit you’re making each accounting period in order to be successful in the long-term. On this blog, you will discover how an experienced accountant can help you keep track of your revenue.
Medicare open enrollment comes around once a year, in the fall. During Medicare open enrollment, individuals who are already enrolled in a Medicare health plan can review and make changes to their coverage. This is the one time a year where you can really make changes if you are not happy with your current health care coverage. There are specific things that you can do during the open enrollment period.
1. Switch from Original Medicare to Medicare Advantage
During the open enrollment period, you have the option to switch from an original Medicare plan to a Medicare Advantage plan, or you can switch from a Medicare Advantage plan back to an original Medicare plan.
With original Medicare, you are enrolled in the health care plan that is managed by the federal government. You have to pay a fee for the services that you use.
With Medicare Advantage, you are actually getting insurance through a private insurance company. The private insurance company has to make sure that they offer a specific level of coverage. You have to pay a premium, and you have a yearly spending limit that you have to cover. Once you hit that spending limit, your medical care will be covered.
Original Medicare and Medicare Advantage plans can give you access to different providers depending on where you live.
2. Change Medicare Advantage Plan
Medicare Advantage is not one health care plan. Medicare Advantage is an umbrella term used for all the private health care plans on the market that meet federal standards. Some areas have multiple Medicare Advantage plans, and in other areas, there is only one Medicare Advantage option. If you live in a market where there are multiple Medicare Advantage plans at play, during the open enrollment period, you can switch plans.
3. Change Medicare Part D Plan
Your Medicare Part D plan is the plan that covers your prescription drug coverage. During the open enrollment period, you can enroll in a Medicare Part D plan for the first time. You can change from one Medicare Part D plan to another, or you can drop this type of coverage altogether.
Look carefully at the coverage offered under a Medicare Part D plan, and make sure that you will be able to get the coverage that you need for the medications that you take.
During the Medicare open enrollment, examine your plans carefully and make sure that they meet your health and financial needs. This is the one time of year that you can really change your Medicare coverage, so take your time to consider your financial options.
Talk to a professional about Medicare insurance services for more information.Share