Welcome to Medicare. This is an important day for you, and we are glad that you have chosen us as your health insurance provider. In this blog post, we will discuss the different options that are available to you now that you are 65. Medicare offers a wide range of benefits, and it is important to understand what is available to you. We will also provide some tips on how to sign up for medicare at age 65. Thank you for choosing Medicare!
When Should I Sign Up For Medicare?
If you are already receiving benefits from Social Security, you will be automatically enrolled in Medicare Part A and Part B. 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 if you want to sign up for Part A and Part B, you can do so during your Initial Enrollment Period. This is the seven-month period that begins three months before the month you turn 65, includes the month you turn 65, and ends three months after the month you turn 65. You can also sign up for Part A and Part B during the General Enrollment Period. This runs from January to March each year. If you sign up during this period, your coverage will begin on July first.
What Are My Options?
You have a few different options when it comes to choosing your Medicare coverage. First you can choose Original Medicare, which is Part A and Part B. You can also choose a Medicare Advantage Plan. This is an all-in-one plan that includes Part A, Part B, and usually Part D. You can also add a stand-alone prescription drug plan to any of these options.
No matter which option you choose, you will want to make sure that you are getting the coverage that you need. You should consider your health needs, your budget, and whether you want additional benefits.
How Do You Avoid Late Enrollment Penalties?
You might not be getting retirement benefits when you turn 65 because you are still working. In this case, you will have to sign up for Medicare when you retire and lose your employer’s health care coverage. When your employer coverage ends, you may have a special enrollment period. With this you can sign up for Medicare Part B without receiving a late-enrollment penalty.
Generally, your monthly premium for Part B may go up 10% for each full 12-month period that you could have had Part B but didn’t sign up for it. Similarly, your Part A monthly premium may go up by 10% if you didn’t enroll when you were first eligible. However, most people qualify for premium-free Part A and therefore are also exempt from the Medicare Part A late-enrollment penalty.
Are There Alternatives to Medicare When I Turn 65?
When you are eligible to sign up for Medicare at 65 you may want coverage in addition to Original Medicare (Part A and Part B). This could include:
- Medicare Supplement Insurance (Medigap) plans: Medicare Supplement insurance plans help pay out-of-pocket costs such as copayments, coinsurance, and deductibles. You have a six-month Medicare Supplement Open Enrollment Period that begins the month you turn 65 and are enrolled in Medicare Part B.
- Medicare Part D: Medicare Part D is prescription drug coverage. Original Medicare generally doesn’t cover most of the prescription drugs you take at home. This is why some Medicare beneficiaries choose Part D coverage. You have a 7-month Initial Enrollment Period for Part D which starts three months before the month you turn 65, includes the month you turn 65 and lasts three months after the month you turn 65.
You also may want a Medicare Advantage plan.
- Medicare Advantage is an alternative way to get your Part A and Part B benefits from a private insurance company. Medicare Advantage plans must cover everything that Medicare Part A and Part B cover, except hospice care, which is still covered by Medicare Part A. The Medicare Advantage Initial Enrollment Period is the same as the Medicare Part D Initial Enrollment Period, which is 7 months. It starts three months before you turn 65, includes the month of your 65th birthday, and ends three months after your 65th birthday.
If you are turning 65 and need guidance we are here to help. Please reach out anytime.