Medicare is a health insurance program for people who are 65 or older. It is also for certain younger people with disabilities, and people with End-Stage Renal Disease (ESRD). If you’re eligible for Medicare, it’s important to know when and how to enroll. In this blog post, we will discuss the different enrollment periods and how to enroll in Medicare.
When Should I Begin My Medicare Enrollment?
The initial enrollment period for Medicare is a seven-month window. This begins three months before the month you turn 65. It also includes the month you turn 65, and ends three months after the month you turn 65. If you are already receiving Social Security benefits when you turn 65, you will be automatically enrolled. This would be with Medicare Parts A and B. If you are not receiving Social Security benefits, you will need to manually enroll in Medicare.
Is Medicare Necessary If I Am Working Past 65?
If you are still working and have insurance through your employer, you may not need to enroll in Medicare right away. You can delay your enrollment if you have coverage through an employer or union-sponsored plan. In this case, you will have a special enrollment period when you retire or lose your other health insurance coverage. You will have eight months to enroll in Medicare from the date your employer coverage ends.
Will I Need Medicare If I Am Covered By My Spouse?
If you are covered by your spouse’s health insurance, you may not need to enroll in Medicare. However, if your spouse’s employer has less than 20 employees, you may need to enroll in Medicare. You will have a special enrollment period to sign up for Medicare Part A and Part B when your spouse’s coverage ends.
What If I Miss My Initial Election Period?
If you do not enroll in Medicare during your initial enrollment period, you may have to pay a late-enrollment penalty. You will also have to wait for the general enrollment period, which is from January to March each year. Coverage will begin on July first of that year.
How Do I Enroll In Medicare?
There are three ways to enroll in Medicare. You can enroll online, bye phone, or in person.
If you are already receiving Social Security benefits, you will be automatically enrolled in Medicare Parts A and B. If you are not receiving Social Security benefits, you can manually enroll in Medicare by visiting the Social Security Administration website or by calling their toll-free number at (800)772-1213.
When Do I Have to Take Drug Coverage?
You can enroll in a Medicare drug plan when you first become eligible for Medicare. You have a seven-month initial enrollment period to sign up for Part D coverage. This initial enrollment period 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.
If you miss your initial enrollment period, you can sign up for a Medicare drug plan during the general enrollment period from January to March each year. Coverage will begin on July first of that year.
You can also enroll in a Medicare Advantage Plan or a Prescription Drug Plan at any time throughout the year if you qualify for a Special Election Period.
What Happens If I Don’t Take Drug Coverage?
If you do not enroll in a Medicare drug plan when you are first eligible, and you do not have other creditable prescription drug coverage, you will likely pay a late-enrollment penalty. You may also have a gap in your prescription drug coverage.
What is Considered Creditable Drug Coverage?
Creditable prescription drug coverage is any drug coverage that is expected to pay, on average, at least as much as Medicare’s standard Part D prescription drug coverage.
What is A Medigap Plan?
A Medigap plan is a health insurance policy that helps pay for some of the out-of-pocket costs not covered by Medicare, such as deductibles, coinsurance, and copayments. Medigap plans are offered by private insurance companies and are standardized by the federal government.
So whether you need help enrolling in a Prescription Drug Plan, Medicare Advantage, or a Medigap plan. We have someone here that can help you look at all your options to see what would make sense for you. If you can, try to avoid a late-enrollment penalty. There is know reason to have this happen. When it comes to Medicare, everyone has different needs. We encourage you to call so we can help you.