What You Need to Know When Turning 65!
Do you need to enroll in Medicare?
- No, if you are currently collecting Social Security, you will be automatically enrolled, and your Medicare card will arrive approximately 4.5 months prior to your birth month.
- No, if you are still working and covered under your Employers Group plan. Speak with your companies HR/Benefit Coordinator to ensure coverage is as good or better than Medicare.
- Yes, if you will no longer be covered under a Group plan, or standard health plan or currently have no coverage.
When do I need to enroll?
When turning 65, you have what's called an Initial Enrollment Period (IEP)
- This period starts 3 months before you turn 65 and ends three months after you turn 65.
- Coverage will start the month of your 65th Birthday, if enrolled during the 3 months prior.
- If enrolled during your birth month or one of the three months following, coverage will begin the 1st day of the month the following month.
- Important note, if you were born on the 1st day of the month, your Medicare starts a month earlier.
How do I enroll in Medicare?
You'll sign up for Medicare Part A and Part B through Social Security
- Online: www.ssa.gov Login or create an account.
- Call: 800-772-1213, available in most U.S. time zones Monday through Friday, 8 a.m. to 7 p.m., in English, Spanish, and other languages. Tell the representative you want to sign up for Medicare Parts A and B, or Part A only.
- Call TTY: 800-325-0778 if you're deaf or hard of hearing.
Does Medicare cost anything?
Part A (hospital insurance)
Part A is free if you worked and paid Medicare taxes for at least 10 years. You may also be eligible because of your current or former spouse's work. You are responsible for all applicable deductibles, copays and coinsurance.
Part B (medical insurance)
Most people pay a monthly premium for Part B and premium is based on income. The exact premium depends on your income level. You are responsible for all applicable deductibles, copays and coinsurance.
How do I pay Medicare premiums?
Premiums are deducted from your monthly Social Security check. If you are not collecting Social Security, you will be billed on a quarterly basis, and payments can be made online.
Does everyone pay the same amount for Medicare?
No, individuals that did not pay Medicare taxes for at least 10 years, you will pay a premium for Part A and B and individuals with high income pay additional surcharge added to Medicare Part B and Part D premiums for higher-income beneficiaries. The surcharge is calculated based on your Modified Adjusted Gross Income (MAGI) from two years prior and is assessed automatically by the Social Security Administration.
Once enrolled, do I need additional coverage?
- Yes, Original Medicare does not include prescription drug coverage, so you need to add prescription coverage even if you're not currently taking medication because there is a penalty for not enrolling when first eligible.
- Often people opt for additional coverage to help lower their overall cost and to receive additional benefits that are not covered under Part A & B.
What additional options are available?
- Medicare Supplements plans aka Medigap plans
- Medicare Advantage plans aka Part C
- Prescription Drug Plans aka Part D
Where can I learn more about my Medicare options?
- Medicare Fundamentals
- Call me, my honest, unbiased guidance cost you nothing.
- Book an appointment, just click on my calendar link to schedule.
