Once you have signed up for different parts of Medicare and are paying the bills regularly, you are happy with the coverage, and you have not received any letter of its ending, you can continue with your Medicare being unattended. So, the specific answer for renewing your Medicare every year is no. But there are circumstances when this could be wrong. There are different Medicare policies all around the country and have different rules.
Things You Need To Know
- You do not need to renew your coverage if you are signed up with original Medicare.
- The coverage renews even if you have not decided to change it when signed up with Medicare Advantage or Medigap.
- The Part D coverage gets changed very often; you should compare the plans before completing the year.
When Might You Need To Renew Your Medicare Coverage?
Medicare Part A
You should know that Medicare part A insurance is premium-free, and once you have this coverage, there is nothing further to do to keep it. You will get enrolled automatically if you are getting social security at the age of 65. Make sure to get social security by enrolling on the social security’s website.
There can be good reasons not to enroll for Medicare part A insurance when you are 65. The major reason is that you might be having insurance from your employer. But before rejecting Part A Medicare coverage, talk to your benefits counselor and make sure that you do the right thing. Because maybe your situation can get changed, and you want to sign up for Part A insurance.
Medicare Part B
This Medicare coverage is totally different from Part A. you will continue to have Medicare Part B coverage as long as you are paying your premiums. The premium amount gets subtracted from the social security payment of most people.
If not social security, you will get a monthly bill. You would get a cancellation notice if you failed to pay your bill for three consecutive months. It is still not too late in paying your Medicare Part B premiums, but still, if you go a couple of weeks unpaid, your insurance will be canceled.
The general enrollment period for Medicare Part B is between January to March every year. You can reinstall your coverage if it has got canceled, but you will be charged with a penalty.
Need To Renew Original Medicare With A Medigap Policy?
As for Medigap policies, you have it for as long as you pay, and no one can force you to leave the Original Medicare. But there can be circumstances when you want to change your Medigap policy. For instance, let’s say:
- You need to change your Medigap coverage because the company you were insured with is no longer in business.
- You want to switch your Medigap insurance policies with better suitable options.
When you sign up for Original Medicare and buy a Medigap policy, the insurance company takes notice of your health before pricing the plans.
Need To Renew Medicare Part D Annually?
There are many different Part D plans with different pricing and coverage regulations. You can enroll with someone having the best deals for all your drugs. You can compare prices with a given elaborated chart.
Compare the services annually at least, as they get changed regularly. It is recommended to read all the notices that you receive from your Medicare. This will let you be familiar with the information that you need to know to stay insured.