By More than 10,000 Americans join Medicare every day. Should you be one of them? As we age, we know that Medicare is in our future. Many of us also know that 65 is the magic number – the age at which we become eligible for “going on Medicare.” If you were born in 1952, this is your year! You are part of the Baby Boomers creating a “silver tsunami” into the Medicare system. Here is what you need to know about signing up for Medicare at 65.
How is Medicare structured?
Medicare includes Part A (hospital), Part B (doctors and outpatient), supplemental insurance (private insurance to cover the 20% that Medicare Part B does not cover) and Part D (prescription drugs). Check out our handy guide below.
When should I sign up?
If you are turning 65 this year and retiring during your birthday month, you can sign up within a 7-month window of three months before and up to three months after your birthday month. There is no penalty if you sign up within three months before you blow out your candles. If you sign up within three months after your birthday, you are still eligible but will get “penalized” with a later effective date than if you had done it ahead of time. In Medicare’s eyes – you wait…they wait.
The delayed effective date may cause problems with insurance coverage, so the best plan is to plan ahead.
What if I am still working?
If you’re still working, Medicare Part A is optional if you remain on your employer insurance. There are penalties for signing up later than your eligibility window if you do not remain on your employer insurance. (Cobra is not considered employer insurance.)
What if I am on an individual plan?
If you have an individual insurance plan that expires when you turn 65 you will need to sign up for Part A and B at ssa.gov at least 3 months before the month when you turn 65 so that your effective date for Medicare will be the first day of the month you turn 65 (or the previous month if your birthday is on the first of the month). In addition you will need a supplement and drug plan.
Take Command can help
Stay tuned for future blogs that address other aspects of Medicare coverage such as when to sign up for Part B, what a supplement does and why you should evaluate your Part D Prescription Drug Plan every year.
At Take Command Health, we know all that mail you are getting about Medicare might be overwhelming, but don’t fret. We can simplify the process, save you money, and help ensure a great outcome. We’ve got you covered. Email us at support@takecommandhealth.com and our team of Medicare Specialists will help you navigate the Medicare process!
