The Open Enrollment Period (OEP) starts October 15th. During OEP you can change your health coverage and your health coverage provider. If a person is satisfied with their plan, they don’t need to do anything. It’s always a good idea to compare the latest plan options, as most plans have changes year to year.

The Initial Enrollment Period (IEP) happens once, typically when you become Medicare eligible at age 64 and 9 months.

You are eligible for Medicare on your 65th birthday, but your Initial Enrollment Period (IEP) begins sooner. You can enroll in Medicare anytime three months before your birthday month and three months after it, providing a seven-month IEP window.

You don’t have to enroll in Medicare if you already have a creditable health care plan, but once you’re Medicare eligible, it’s a good idea to compare your current health insurance policy against a Medicare health plan. Sometimes the costs are lower, and coverage is the same or better than your employer’s coverage. It doesn’t matter if you are still working or haven’t yet received your Social Security income check.

Medicare Advantage is commonly known as Part C. It is a type of Medicare insurance that combines Part A and Part B into a plan that not only covers the out-of-pocket expenses, but may provide additional coverage such as vision, dental, wellness programs, acupuncture, chiropractors and much more.

With a few exceptions, most prescriptions aren’t covered in Original Medicare. However, the government has contracted with private insurance companies that can offer you this coverage at an additional cost. If you are entitled to Medicare Part A and/or enrolled in Part B, you can purchase Part D as a standalone program to cover prescription drugs.

The price of Medicare depends on the health plan option you choose. Medicare is not free, and you will pay a premium, which is often deducted from your Social Security check, for Part B along with an annual deductible and a percentage, usually 20%, of the total bill. Purchasing supplemental insurance can help contain costs associated with deductibles, co-payments and prescription drugs.