It’s no secret that Medicare is complicated, but if you are taking the right first steps, it can become easier. Every year about 10,000 people turn 65 and become eligible for Medicare. However, many of them know very little about Medicare if they know anything at all. If you’re in this category, you are not alone. With the right help and resources, Medicare does not have to be stressful.
One of the first things you can do is familiarize yourself with the basics of Medicare. There are four different parts (Parts A, B, C, and D), each one covering different health services and coming with different costs. There are also specific times during which you can enroll and make changes to your plan. At Medicare Choice Group, we uncomplicate Medicare and walk you through all of these ins and outs.
A few questions to start with will help determine what the next steps are for you.
Are you going to be 65 soon?
Unless you have End Stage Renal Disease (ESRD) or have been disabled for 24 consecutive months, the first opportunity to enroll in Medicare is three months before your 65th birthday. The Initial Enrollment Period (IEP) is the seven months surrounding your 65th birthday and during this time, you can sign up for Part A and Part B.
If you are already receiving Social Security benefits, you will be automatically enrolled in Original Medicare (Parts A and B). If not, you will have to enroll yourself by contacting your local Social Security office.
Are you or your spouse planning on working past 65?
If you or your spouse has healthcare coverage from your employer and do not plan on retiring at 65, you can defer your Medicare enrollment. You can delay signing up for both Part A and B, or just Part B. Be sure to talk to your HR department and get their advice on whether or not you should defer enrollment.
When you actively defer Part B, you must protect yourself from being penalized in the future. After you retire and are no longer covered by your employer’s insurance, you have an eight-month period called a Special Enrollment Period (SEP) to sign up for Part B. For more information about working past 65, check out this article.
Who can help guide you through Medicare when you retire?
The right advisor can make your transition to Medicare a smooth one. That’s where Medicare Choice Group comes in. We uncomplicate Medicare at no cost to you!
By reviewing our complete portfolio of approved Medicare plans, we make sure that our clients have the best plan that fits their needs for the lowest cost possible. When we find the right one, we walk our clients through their plan and help them enroll.
Our services are not just today, but also tomorrow. We help clients review their plan annually to ensure it is still the right coverage for them. Reach out to us today!