Turning 65
New to Medicare? No Worries
We Have What You Need to Know to Get Started Properly!
Congratulations!
You’re turning 65 and all those years of hard work are behind you.
You’re looking forward to retirement and want to make sure your healthcare needs are taken care of, at the best price and service, so you can be healthy and have the money to enjoy it.
A few things you need to know…
Initial Enrollment Period (IEP)There are some important dates coming up. They include:
- Your date of eligibility for Medicare (your start of IEP)
- Your birthday (YAY!)
- How long you have to change your mind if you made a mistake (the end of your IEP).
Let’s look at each one.
Your Eligibility Date: the start of your IEP
Your date of eligibility is on the first day of the month, three months prior to your birthday month. So, for example, if your birthday was May 17th, then your eligibility date would be February 1st. It ends three months after your birthday month, or in this scenario, on August 31st. Your IEP window is a total of seven months.
This is the time to start making some key decisions:
Will I just enroll in Medicare Part A (the hospital portion of Medicare), because I am covered by health insurance provided by my spouse, or I am still working and have health insurance?
Will I be enrolling in Original Medicare (Parts A and B)? Part B is for medical services (doctor appointments, surgeries, diagnostics, durable medical equipment, etc.). If so, which Part D prescription drug program should I buy?
If I go with Original Medicare, which MediGap plan would be best to cover the 20% Medicare doesn’t pay?
Or, will I enroll in Medicare Part C (known as Medicare Advantage), which includes all the above and may have additional benefits, like dental, vision, hearing and others for no additional cost other than the $185.00 Part B cost deducted from my social security check (some plans may have a premium)?
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Medicare, Medicare Advantage & Medicare Supplement Plans
What Penalties Can I Incur?
Great question! It all depends on your circumstances. Let’s look at a few scenarios.
I still receive health insurance through an employer or a spouse’s employment that is group health.
If you still receive your health benefits from another source (group insurance from an employer with 20 or more employees), then you don’t have to enroll. However, since Part A is premium-free (if you’ve worked 40 quarters/10 years, paying FICA taxes), enrolling for Medicare Part A is smart. Moreover, if you enroll for both Parts A and B, Medicare will pay first, and your other coverage will pay second. However, you can wait on Parts B and D until you lose the creditable health insurance coverage and creditable prescription drug coverage due to retirement or other conditions.
Once your coverage ends, you must enroll in Medicare Part B within 8 months to avoid the penalty, and Part D within 63 days of losing your creditable prescription coverage.
If you have health insurance that IS NOT group health coverage or the group is fewer than 20 beneficiaries, then you need to enroll in Parts A and B during your IEP. As above, Medicare will pay first and your other insurance will pay second.
New to Medicare?
These Videos Explain it Simply
(Watch Them in Order!)
Video 1
Video 2
Video 3
