When do I need to enroll in Medicare?
We recommend most people enroll in Medicare three months prior to the month of their 65th birthday, however, every situation is unique and we will help you determine the right time to enroll. If you are already enrolled in a Medicare plan, the annual enrollment period (AEP) is from October 15th to December 7th each year, and you can join, switch or drop a Medicare Advantage plan or Medicare drug plan, or potentially switch to Original Medicare. The new coverage would begin January 1st of the upcoming year.
Am I required to enroll in Medicare if I'm still working at age 65?
The answer depends on your employer's current healthcare plan. If your employer-sponsored group coverage meets Medicare "creditable" standards, you may be able to delay enrollment into Medicare. However, the size of the employer and quality of coverage can affect when you will need to enroll into Medicare. Our office will educate and advise you on your options.
What if I'm on my spouse's group plan?
If the employer-sponsored group coverage meets Medicare "creditable" standards, you may be able to delay enrollment into Medicare. However, the size of the employer and quality of coverage can affect when you will need to enroll into Medicare. Comparing costs and benefits of the spouse's group plan vs. Medicare is recommended.
How does Medicare impact the way I leave my employer's plan?
If you have delayed medicare enrollment while enrolled in an employer-sponsored plan and have a Health Savings Account (HSA), you will want to stop contributions to your HSA six months prior to your Medicare effective date to avoid any penalty.
Do I need a prescription plan (Part D)?
Whether or not you need a Part D plan depends on your individual situation. We will help you make an informed decision. Medicare Part D coverage is optional, but if you don't enroll in Part D as soon as you're eligible, you may pay a late enrollment penalty when enrolling later.
Is there a penalty for delaying Medicare Part B enrollment?
Medicare can increase your Part B premium by 10% for each 12 months that you neglect to enroll. Typically, your ability to enroll will be restricted to the General Enrollment Period, which runs January 1st through March 31st each year.
Will I get Part A and Part B automatically when I turn 65?
If you're already getting benefits from Social Security or the Railroad Retirement Board, you will automatically be enrolled in Part A and Part B Medicare. Your red, white and blue Medicare card will be mailed to you approximately 3 months before your 65th birthday month.
If you are age 65 and not getting Social Security or Railroad Retirement Benefits, you will need to sign up for Medicare. Visit www.ssa.gov/medicare/sign-up to apply for Part A and/or Part B or you can contact a local Social Security office 3 months before you turn 65 to set up an appointment. You can call SSA at 1-800-772-1213. If you worked for a railroad, visit www.RRB.gov or call 1-877-772-5772.
Can I just have "Original Medicare" Part A and Part B as my health insurance coverage?
Yes. However, you will not have prescription drug coverage, and you will face unlimited medical cost exposure/risks due to gaps in Original Medicare. Most people consider enrollment into a Medicare Advantage (MAPD) Plan or a Medicare Supplement (Medigap) Plan, plus a Part D Drug (PDP) Plan to help fill in those gaps.
Questions? Contact us today!
*We do not offer every plan available in your area. Currently we represent 5 - 6 organizations which offer 11 -27 products in your area. Please contact Medicare.gov, 1-800-MEDICARE, or your local State Health Insurance Program (SHIP) to get information on all of your options.
Not affiliated with or endorsed by the government or federal Medicare program.