TURNING 65
Most people become eligible for Medicare at age 65. You will soon join the ranks of Medicare recipients if you are nearing 65. The first step is enrolling in Original Medicare. Here’s the when and how of it all.
Do I Become Eligible for Medicare When I Turn 65?
Original Medicare (Parts A and B) is typically available to most people when they age 65. However, the regulations governing Medicare eligibility and the timing of Parts A and B enrollment can be challenging. Your age, whether you’re retired or still employed, and whether you receive Social Security payments all play a role in how much you pay.
How soon should one sign up for Original Medicare?
The three months leading up to your 65th birthday are the best time for you to sign up for Original Medicare. There are certain exceptions, though. We’ll assist you in determining your eligibility for Original Medicare and the best time to sign up. We’ll then assist you in completing the rest of your coverage.
WORKING?
OK! Just sign up after you retire.
You most likely remain a member of your employer-sponsored health insurance plan. That’s excellent, but you may want to see if taking Medicare in part could help you save money while you’re still employed. Explore our Medicare plans and keep an eye out for annual enrollment periods.
NOT WORKING?
Happy Birthday!
Now is the time to sign up for Original Medicare. Since you turned 65 very recently, you can still enroll in it without incurring any financial penalties from the government. However, it can take some time for your coverage to take effect.
What does it cover?
Medicare has four basic parts that cover all the health care and services that are necessary and reasonable.
Here is a quick recap of each part and what they cover.
Part A
Part A covers Inpatient Hospitalizations, and with approval, Skilled Nursing, Home Healthcare, and Hospice.
Part A is typically is premium free.
Part B
Part B covers most Outpatient Medical expenses including: DoctorVisits, Surgery, E.R., Ambulance, Radiology, and Labs.
The premium for Part B in 2022 typically is $170.10, although you may pay more depending on your income..
Part C
Part C refers to Medicare Advantage Plan. This is an alternative to Original Medicare.
It covers your Part A and Part B plus benefits like vision, dental, hearing, and fitness to some providers
Part D
Part D is your Prescription Drug Coverage. Prescription Drugs are covered through this plan and are offered by private companies approved by Medicare.
Medicare supplement plans, also known as Medigap plans, supplement your initial Medicare coverage. They might be able to assist you in saving money on out-of-pocket expenses when you go to the doctor. They may also include dental, vision, long-term care, and other insurance options. Medicare Supplements will cost an additional premium on top of your Medicare Part B
How Do I Sign Up For Medicare?
When a person turns 65, they typically qualify for Medicare. Your Medicare enrollment process will differ based on whether or not you are receiving retirement benefits when you reach your Initial Enrollment Period (IEP).
- If you receive Social Security or Railroad Retirement payments, you should be automatically enrolled in both Medicare Parts A and B.
- If you are not getting Social Security or Railroad Retirement benefits, you must enroll in Medicare on your own.
When does my coverage begin?
The month you sign up during your Initial Enrollment Period determines when your coverage begins. The first of your birthday month is normally the start of coverage.
If you are eligible for premium-free Part A, your coverage will begin when you turn 65. (If you turn 65 on the first of the month, coverage begins the month before your birthday.) Part B Coverage begins in the month you sign up.
How much would Medicare cost me?
Medicare requires premiums, deductibles and other cost-sharing for certain services.
Most people won’t need to pay a premium for Medicare Part A as long as you’ve worked for at least 10 years or earned 40 credits based on your Social Security record. Medicare Part B costs $170.10 per month for most people. Listed below are the basic costs for people with Medicare:
Am I required to get Medicare?
Although Medicare is not required, it can be costly if you do not enroll at the age of 65 and do not qualify for a Special Enrollment Period later on. Late enrollment penalties apply to Medicare Parts A, B, and D, and they can be spendy because the penalty lasts a lifetime. If you’re debating whether or not to enroll in Medicare, take some time to evaluate your options. If you don’t qualify for a Special Enrollment Period, enrolling at 65 is usually a good choice. Feel free to contact us and we can help you.
What are the Medicare Enrollment Periods?
Annual Enrollment Period
You can modify an existing original Medicare plan or enroll in a variety of Medicare plans for the first time. During the Annual Enrollment Period, (AEP) which runs from October 15 through December 7.
Open Enrollment Period
You can switch from a Medicare Advantage Plan to a different Medicare Advantage Plan at this time. This runs from January 1- March 31.
General Enrollment Period ( GEP )
If you missed enrolling in Medicare part B, you can enroll from January through March 31 of each year. Enrolling during GEP means your coverage may start July 1. Until then you won’t have Medicare Part B. Most cases if you’re enrolling during GEP, you may have to pay a part B premium penalty.
Medicare Special Enrollment Period
You can change Medicare Plans all year round if based on special qualifying event such as losing coverage, gained or lost Medicaid / Oregon Health Plan or extra help on prescriptions, eligible for Medicare and Oregon Health Plan, moved to a different address, have some chronic conditions or switch to 5 Star review Medicare Plan.
Find a Medicare plan that fits your needs and budget.
*By completing this form, you agree that an authorized representative or licensed insurance agent may contact you by phone,email,text, mail or face to face to answer your questions or provide additional information about your Medicare plan options. Not affiliated or endorsed by Medicare or any state or federal governmental agency.