Here are some essential points to keep in mind when enrolling in Medicare:
- Know the different parts of Medicare: Medicare is divided into four parts – A, B, C, and D. Each part covers specific healthcare services, and it is essential to understand what each part covers.
- Determine your eligibility: If you are already receiving Social Security benefits, you will be automatically enrolled in Medicare Parts A and B when you turn 65. However, if you are not receiving Social Security benefits, you can apply for Medicare online, by phone, or in person.
- Enroll during the initial enrollment period: Your initial enrollment period starts three months before your 65th birthday and ends three months after your 65th birthday. Enrolling during this period is crucial to avoid late enrollment penalties.
- Understand the late enrollment penalties: If you miss your initial enrollment period, you may face a permanent increase in your premiums for Parts A and B. The penalty for Part A is 10% of the monthly premium for twice the number of years you could have been enrolled but weren’t. The penalty for Part B is 10% of the monthly premium for each full 12-month period you were eligible for but didn’t enroll.
- Check if your employer-provided health insurance is creditable coverage: If you are still working and have employer-provided health insurance, you may be able to delay enrolling in Medicare without facing a penalty. However, it is essential to check with your employer to ensure that your insurance is considered creditable coverage under Medicare rules.
- Enroll in Medicare Part C or D during the annual enrollment period: The annual enrollment period runs from October 15 to December 7 each year. During this period, you can switch from Original Medicare to a Medicare Advantage plan, switch from one Medicare Advantage plan to another, or enroll in a Part D prescription drug plan.
- Seek help if needed: Navigating the enrollment process can be complex, and it is essential to make informed decisions about your healthcare coverage. If you need help, you can contact The Turning 65 Advisor at 623-777-3315. The Turning 65 Advisor is a team of Medicare experts who can answer your questions and help you find the coverage that is right for you.
In conclusion, enrolling in Medicare and obtaining the coverage you need requires an understanding of the different parts of the program and the enrollment process. Don’t miss your initial enrollment period or the annual enrollment period and risk facing late enrollment penalties. Contact The Turning 65 Advisor today to learn more about Medicare and how to get the coverage you need.