Turning 65 – When to Sign Up for Medicare

When you are turning 65 you can sign up for Medicare up to 3 months before the month of your birth, the month of your birth, and 3 months after. This is called your Initial Enrollment Period. If you wait and you do not have “creditable” coverage when you are turning 65 then you may be penalized when you sign up for Medicare Part B at a later date. If you do have “creditable coverage” and you are losing it then you will be able to sign up for Medicare the month following the loss of coverage and you will not incur a penalty. If you go without “creditable coverage” and apply for Medicare after your Initial Enrollment Period has ended then you will have an opportunity to apply during the “General Enrollment” period from January 1st to March 31st. Your coverage will not start until July of that year. So it is best and highly recommended to start Medicare during your initial enrollment period when your are turning 65.

 

Turning 65 Medicare Supplement Plans

If you are turning 65 you will be able to choose from a variety of Medicare health insurance plans. Many of these options will be in the form of a Medicare Supplement Plan. Medicare Supplements are also known as Medigap Plans. They are called this because they are meant to fill the gaps in original Medicare Parts A and B. The way they work is Medicare pays there portion of your hospital and medical bills and then the Medicare Supplement plan pays most or all of what is left. There are many different Medicare Supplement plans offered by many different companies. This makes it hard to decide which plan is best when you are turning 65 and starting Medicare. Ideally you would want the plan that pays the best on your bills. This can also come at a hefty cost, so you would be best apt to talk to an independent agent like Devon West who runs Medicare Saving Solutions. He helps people that are turning 65 find the best available coverage for the lowest available cost. Not only does he help as you are turning 65, but also will keep in touch and help you year after year to make sure you are always covered the best you can be.

 

Turning 65 Medicare Advantage Plans

If there are Medicare Advantage Plans available in your area they can also be a good fit for some people when turning 65. Some areas have a ton of Medicare Advantage Plans and some have none. A Medicare Advantage Plan is a plan that combines Medicare Parts A, Part B, and often Part D. They are plans that can offer coverage or services above and beyond what original Medicare could. Sometimes they can include dental, vision, and hearing services. All of which original Medicare does not cover. People turning 65 take these plans into great consideration because of these additional benefits. These plans can be great if you are on a lower income scale or if you are fairly healthy. We are always asked which is better, a Medicare Supplement Plan or a Medicare Advantage Plan. It is hard to answer this the same every time because the answer really has to come from you. Often times it is left up to two deciding factors. One, your financial situation; and two, your personal preference. The reason for this is because the Medicare Advantage Plans are typically lower cost than a supplement plan, but also have a higher risk of out of pocket costs. Some people that are turning 65 decide to go with a Medicare Advantage Plan to save on monthly premiums if they are in good health or just don’t want to pay a high monthly payment because of their income. Keep in mind that when you are turning 65 you automatically qualify for any plan you choose, but later on down the line in order to enroll into a Medicare Supplement Plan you may have to answer health questions to qualify and may be denied if you are in poor health.

 

Turning 65 Medicare Part D

Medicare Part D is the prescription drug coverage portion of Medicare. When you are turning 65 you must enroll into a Medicare Part D plan so that you do not get penalized for not having one. Medicare will penalize you if you do not have “creditable” coverage or as good or better than Medicare Part D. This means that if your employer or retirement plan is deemed creditable coverage then you will not get penalized. However, if you don’t have any prescription drug coverage at all then you will likely be penalized when you finally need one. As you are turning 65 there are a couple different ways to take a Medicare Part D plan. You can get one if it is included in your Medicare Advantage Plan or you can take a “stand alone” Part D plan if you choose to go with a Medicare Supplement Plan. Here at Medicare Saving Solutions we offer you two main ways to get a Part D plan. You can go to Medicare.gov and use their plan finder tool to find your plan yourself or you can call us and we will help you choose the best plan for your specific needs. Either way you will be well taken care of so that you are confident in your choices as you are turning 65.

 

Turning 65 Tips:

• Talk to an independent agent. For example: Devon West here at Medicare Saving Solutions.
• Start gathering information as early as you want. It is never too early too learn, but it can be too late if you wait until after you turn 65.
• Don’t enroll into a plan just because someone you know enrolled into it. Everyone is different so do what is best for you when you’re turning 65.
• Feel free to gather information directly from the insurance carriers, but do not sign up directly without talking to an independent agent first. This because if they work for only one company then they will say that is your best choice.
• If you get information from an independent agent and they put effort into helping you decide as you are turning 65 then do your best to return the favor and get the plan from them instead of someone else or directly from the carrier.
• Always ask questions even if you think they may be stupid or repetitive.

 

Turning 65 Medicare Videos:

If you’d like to learn more about Medicare you can contact us and then watch the videos below!