The pros of Medicare coverage include the option of easily enrolling in supplementary plans for a certain period, the capping of some out-of-pocket costs and not having to change doctors, AgingCare.com states. The cons include potentially incomplete coverage, costs other than monthly premiums and steep penalties for missing some deadlines.
Options for covering out-of-pocket costs in Medicare Parts A and B include Medicare Advantage and Medicare Supplement plans; other options include receiving Medicare Part D drug coverage as a drug plan on its own or included in a Medicare Part C plan. A particular benefit of Medicare Advantage is that its out-of-pocket costs are limited to a maximum of $6,700, notes AgingCare.com.
Plans such as Medicare Advantage and Medicare Supplement have strictly defined deadlines and rules for applying, AgingCare.com warns. Individuals can enroll or change their Medicare Advantage plan in the period from October 15 to December 7 in a given year or, in some circumstances, at other times in the year or when specific conditions apply. Individuals who want to enroll in a Medicare Supplement plan may find it more difficult after six months have passed since enrolling in Medicare Part B; once this period is over, insurers are allowed to deny coverage based on the individual’s health information.