Your 65th birthday is approaching and these things are happening:
Your phone is ringing non-stop with people trying to talk to you about Medicare.
The mail is piling up overflowing with advertisements and letters from people offering to help you with your Medicare.
You are getting advice from friends and/or family about what you "must" do.
YOU ARE CONFUSED ABOUT WHAT REALLY IS REQUIRED OF YOU.
Does this all sound familiar? What really is required?
First off - congrats on turning 65 and qualifying for Medicare. It really is a great option to have and for the vast majority of people it will be a health insurance life-saver. With that out of the way, here are the four things that must happen:
FIRST: You must decide if you ARE going onto Medicare Part B (Part A is automatic) at this time.
You may have thought (or been told) that you must go onto Medicare Part B when you turn 65 no matter what. That is not true. If you have a group insurance plan from your work you can choose to stay with that plan and NOT go onto Medicare Part B. This will bring about an extra step that you have to take when you do actually sign up for Part B in a future time. (feel free to contact us about that process)
Medicare plans are usually far superior to your group work insurance.
To know whether you should stay on your work plan or move to Medicare, just contact us and we will walk you through the details so you can make an educated decision.
SECOND: If you choose to go on Medicare, you have to sign up for your Part B coverage.
Here is the process:
If you are already collecting your Social Security payments, you are already in the system and you will be automatically enrolled. You will receive your Medicare card approximately 3 months before you turn 65 and it will take effect the 1st of your birth month.
If you are NOT yet collecting your Social Security payments, you must enroll online at the Social Security website (ssa.gov). You will set up an account (if you don't already have one) and from there the process of applying for your Part B is fairly easy. If you would like, we are always available to assist you with this step.
Medicare says that you have a 7 month window to sign up for your Medicare Part B. Technically that is true - but with the government it is never that simple. Without getting into the weeds, plan to sign up 2-3 months before you turn 65. This will make it the easiest and cleanest.
THIRD: Talk to a professional agent (like us) to help you get either a Medigap Plan or an Advantage Plan. Do you have to use an agent? Absolutely not. However, it is our recommendation that you do so as they will then be able to advise and guide you in getting the coverage that you need. You should never have to pay them as the insurance companies do. If they try to charge you - run away / hang up! Then call us!
FOURTH: Make sure that you are signed up for a Part D Prescription Drug Plan.
Even if you do not currently take any medications, you must have a PDP (either stand-alone or as part of your Advantage Plan). If you do not sign
up for one when you turn 65 you will face a late-enrollment penalty whenever you do sign up for a plan.
That is pretty much it. For more information please check our website or give us a call at 541-554-8382.
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