Medicare eligibility age is 65 years old. However, there are some exceptions for people who are younger than 65. In this blog post, we will discuss the different ways someone younger than 65 can get Medicare coverage. There are a few different options available, and each one has its own set of benefits and drawbacks. We will go over each option in detail so that you can decide which one is right for you!
Reaching 62 years can affect your Spouse’s Medicare Premiums!
Although reaching age 62 does not qualify you for Medicare in most cases. It can carry some significance for your spouse if they receive Medicare benefits.
When one spouse in a couple turns 62 years old. With another spouse who is at least 65 years old. The other may now qualify for premium-free Medicare Part A. If they haven’t yet qualified based on their work history. This is because the part is dependent on how many points you have paid into through your work history.
- For example, Gary is 65 years old. But Gary doesn’t qualify for premium-free Part A because he did not work the minimum number of years required.
- He can still receive Medicare Part A, but he will have to pay a monthly premium for it. In 2020, the Medicare Part A premium can be as high as $458 per month.
- Let’s say Gary’s wife, Anna reaches age 62. Anna has worked for the required number of years to qualify for premium-free Part A. Although this is once she turns 65.
Because Anna is now 62 years old and has met the working requirement. Gary can now receive part A premium for free.
Being Eligible for Medicare at age 65
If you are already receiving benefits from Social Security or the Railroad Retirement Board. This means you will be automatically enrolled in Medicare. This will start the month you turn 65.
You will receive your red, white, and blue Medicare card in the mail about three months before your 65th birthday. If you are not receiving benefits from Social Security or the Railroad Retirement Board. You will manually have so sign up for medicare. You will need to do this during your initial election period.
Your IEP starts three months before the month you turn 65 and ends three months after that month. You can sign up for Part A and/or Part B during this time.
If you wait until after your IEP to sign up for Part B, you may have to pay a late enrollment penalty.
You can also delay enrolling in Part B without penalty if you have other health insurance coverage based on your or your spouse’s current employment. In this case, you will need to sign up for Part B during an eight-month Special Enrollment Period when that employment ends or the group health insurance coverage based on your employment stops.
If you are not receiving benefits from Social Security or the Railroad Retirement Board and you missed your IEP, you can still sign up for Part A and/or Part B during a General Enrollment Period that runs from January through March each year. Your coverage will begin on July first.
You may have to pay a late enrollment penalty for Part B if you didn’t sign up when you were first eligible or during a Special Enrollment Period.
What are the Parts of Medicare?
Original Medicare is made up of Part A (hospital insurance) and Part B (medical insurance). You can choose to receive your benefits from Original Medicare, which is administered by the federal government, or you can opt for a Medicare Advantage Plan (Part C).
If you choose to receive your benefits through an Advantage Plan, you will still have Part A and Part B, but your coverage will be provided by a private insurance company that contracts with Medicare.
Advantage Plans must provide at least the same level of coverage as Original Medicare, but many Advantage Plans also include additional benefits such as prescription drug coverage (Part D), dental, and vision.
You can also choose to add a Part D Prescription Drug Plan to your Original Medicare coverage.
What are the Costs Associated with Medicare?
Medicare Part A is premium-free for most people, but you may have to pay a deductible and coinsurance for some services.
Medicare Part B has a monthly premium that is deducted from your Social Security benefits. In 2020, the standard Part B premium is $170.10 per month, but your actual premium may be higher or lower depending on your income.
We hope this has helped you to know who is eligible for Medicare and why. If you have any questions, please do not hesitate to reach out.
