Posted by Medicare Made Clear
Medicare eligibility begins
at age 65 for most people. If you are turning 65 soon, you are next up to join
the ranks of Medicare beneficiaries. Here’s what you need to know to get
prepared.
1. You Have a Set Time
to Enroll in Medicare
The first time you can enroll in Medicare is
called your Medicare Initial Enrollment Period (IEP). Your Initial Enrollment
Period is 7 months long. It includes:
·
The 3 months before
the month you turn 65
·
The month you turn 65
·
The 3 months after the
month you turn 65
You can find your IEP dates here.
For most people, this is the best time to sign up for Medicare. Signing up for
Medicare coverage during your Initial Enrollment Period can help you avoid late
enrollment penalties.
2. You May Be Able to
Delay Medicare Part B
Most people get Medicare Part A (hospital
insurance) premium-free because they or a spouse worked and paid taxes for at
least 10 years. Part B (medical insurance) has a monthly premium that for 2020
is $144.60 to $491.60, depending on income.
You may be able or want to delay signing up
for Part B if you have other health care coverage, such as through an employer
or union. You must qualify for a Special Enrollment Period to avoid a late enrollment penalty if
you delay Part B. If you have coverage through an employer, you may also choose
to delay enrolling in Part A, especially if you still want to contribute to a
health savings account (HSA).
Learn more about your options if you are still
working when turning 65 in this video.
3. There Are Two Ways
to Get Medicare
Medicare gives you two ways to get your benefits:
·
Original Medicare
(Parts A & B), the traditional way
·
Medicare Advantage
(Part C), an alternative to Original Medicare
Original Medicare is administered by the
federal government. Medicare Advantage plans are offered by private insurance
companies approved by Medicare. They must provide all the same benefits as
Original Medicare Parts A and B. Many Medicare Advantage plans include
additional benefits, such as coverage for prescription drugs, dental, vision,
hearing, fitness and more.
4. Medicare Doesn’t
Cover Prescription Drugs, Dental and More
Original Medicare
doesn’t include coverage for prescription drugs and other health items. To get
prescription drug coverage, you may either buy a standalone prescription
drug plan (Part D) or choose a Medicare Advantage plan with
included drug coverage.
Watch this video
for more on what Original Medicare doesn’t cover.
Generally, you don’t need additional coverage
if you choose a Medicare Advantage plan as
most come with prescription drug coverage included.
5. Do I Need a
Medicare Supplement Plan?
Some people who choose Original Medicare and a Part D
prescription drug plan may also choose to buy a Medicare supplement insurance plan (Medigap).
Medigap plans help with some of the out-of-pocket costs not paid by Original
Medicare. It is important to note that Medigap plans do not provide additional
coverage items, and you cannot have both a Medigap and Medicare Advantage plan.
Learn more about Medigap plans in
this video, and then click here to learn more about costs
and how coverage can work.
6. You May Qualify for
Help with Medicare
Several programs offer financial assistance with Medicare
premiums and other costs. You may want to look into them, even if you think you
might not be eligible.
Programs include:
·
Medicaid
·
The Medicare Savings
Program
·
Programs of
All-Inclusive Care for the Elderly (PACE)
·
Extra Help
Other programs may be available in your state
as well, and you should check with your local State Health Insurance Assistance
Program (SHIP) office to learn more.
Conclusion
Don’t let Medicare enrollment sneak up on you.
Use these 6 tips and get a head start on learning the basics about Medicare so
you can make an informed decision when the time comes. And to stay up to date,
get Medicare news and information delivered right to your inbox.
For more information about Medicare,
explore MedicareMadeClear.com or contact the
Medicare helpline 24 hours a day, seven days a week at 1-800-MEDICARE (1-800-633-4227),
TTY 1-877-486-2048.
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