If you are turning 65 in 2022 or 2023, then you will need to make your initial election period. This can be a confusing time, as there are many options to choose from. In this blog post, we will discuss the different parts of Medicare. We will help you decide which plan is best for you. Keep in mind that it is important to make your decisions during your IEP. If not there may be penalties if you wait too long!
Initial Election Period With Medicare in 2022
The Initial Election Period (IEP) is the time when you can first enroll in Medicare. If you are turning 65 in 2022, your IEP will begin in most cases on the 1st of your birth month. Hopefully months before this time, you have already signed up for Original Medicare (Part A and Part B). You then can set up your Part D prescription drug plan. You can also select a Medigap supplemental insurance policy. Or you can also enroll in a Medicare Advantage Plan (Part C). If you are already receiving Social Security benefits, you will be automatically enrolled in Part A and Part B. However, you will still need to sign up for a Part D plan. Or you would need to select a Medicare Advantage Plan if you want coverage for prescription drugs.
Are We Automatically Enrolled in Medicare When We Turn 65?
If you are already receiving Social Security benefits, you will be automatically enrolled in Part A and Part B. However, you will still need to sign up for a Part D plan and/or a Medicare Advantage Plan if you want coverage for prescription drugs and/or additional benefits. For those of you that are not on Social Security, you will need to sign up and create an account for yourself at ssa.gov.
Do I Need Medicare If I Keep Working Past 65?
You may not need to sign up for Medicare right away if you’re still working and have health insurance through your employer. In this case, you can’t wait to enroll in Part B without paying a penalty. You should sign up for Part A as soon as you’re eligible, as there is no premium for most people. If you decide to leave your job or retire, you will then have an eight-month Special Enrollment Period to sign up for Part B.
What Happens If I Miss My Initial Election Period?
If you miss your IEP, you can still sign up for Medicare during the General Enrollment Period (GEP). The GEP runs from January through March each year, with coverage starting on July first. Keep in mind that if you wait to enroll during the GEP, you may have to pay a late enrollment penalty.
What Is The Right Time to Sign up For Medicare?
The IEP is the best time to sign up for Medicare, as you can avoid late enrollment penalties. You should also consider your health insurance needs and whether you want prescription drug coverage. If you are still working and have employer-sponsored health insurance, you may not need to sign up for Part B right away. However, you should sign up for Part A as soon as you’re eligible.
How Do I Decide Which Coverage is Best for Me?
There are many factors to consider when choosing your Medicare coverage. You should think about your budget, your health needs, and whether you want prescription drug coverage. You can also speak to a licensed insurance agent to get help finding the best plan for you.
No matter what you decide, it’s important to make your choices during your IEP. There may be penalties if you wait too long to enroll in Medicare!
Do I Take A Supplement Plan or Advantage Plan?
The next step is to decide if you want a supplement plan or an advantage plan. A supplement plan, also known as Medigap, is an insurance policy that helps cover some of the costs not covered by Original Medicare (Part A and Part B). Supplement plans are offered by private insurance companies and there are ten different types of plans to choose from. Advantage plans, on the other hand, are offered by Medicare-approved private insurance companies. These plans provide all of the benefits of Original Medicare (Part A and Part B) and usually include prescription drug coverage and additional benefits such as routine dental and vision care.
Finally, I want you to speak with one of our agents before you make a decision. Medicare.gov can only show you. We can go over all of the details and numbers with you.