Turning 65 and Medicare

Call: 1-800-825-2919 Email: [email protected]

We have found that most people have questions and question marks about their Medicare coverage and they don’t like it. It is my job through this video to answer your questions and help you eliminate those question marks.

If you are about to turn 65 – then it is time to think about your Medicare coverage. You become eligible for Medicare as soon as you turn 65. Delaying your enrollment can result in some pretty hefty penalties – so it is important to act right away.

There are a number of different options to consider when signing up for Medicare. Medicare consists of several major programs. For example – Part A covers hospital stays – Part B covers your doctor’s fees – lab work – x-rays – and other medical services. Part D covers your prescription medications. In addition – Medicare supplement plans offer coverage to you to cover what the deductibles and co-payments that are not covered by Parts A & B.

Medicare enrollment begins three months before your 65th birthday and continues for 7 months. If you are currently receiving Social Security benefits – you don't need to do anything. You will be automatically enrolled in Medicare Parts A and B effective the month you turn 65. If you do not receive Social Security benefits – then you will need to sign up for Medicare. It is best to do it as early as possible so your coverage begins as soon as you turn 65.

If you are still working and have an employer or union group health insurance plan – it is possible you do not need to sign up for Medicare Part B right away. You will need to find out from your employer whether the employer's plan is the primary insurer. If Medicare – rather than the employer's plan – is the primary insurer – then you will still need to sign up for Part B. Even if you aren't going to sign up for Part B – you should still enroll in Medicare Part A – which may help pay some of the costs not covered by your group health plan. For more information on Medicare and work, give us a call.

If you do not sign up for Part B right away – then you will be subject to a penalty. Your Medicare Part B premium may go up 10 percent for each 12 -month period that you could have had Medicare Part B – but did not take it. In addition – you will have to wait for the general enrollment period to enroll. The general enrollment period usually runs between January 1 and March 31 of each year.

Medicare also offers you prescription drug coverage under Medicare Part D. You will want to enroll in a prescription drug plan at the same time you sign up for Parts A & B. For each month you delay enrollment past the initial enrollment period – your Medicare Part D premium will increase at rate of 1 percent per month.

Finally – with all the deductibles – copayments – coverage exclusions – Medicare pays for only about half of your medical costs. However – much of the balance not covered by Medicare can be covered by purchasing a Medicare supplement plan. These plans can be purchased from a private insurer. This is a portion of Medicare cannot be covered briefly in a short video. There are 10 different supplement plans with different coverage options. We can research these different plans for you and help you choose the best one for your situation.

In Closing – This is Dale Stringer with First Medicare Advisors. Please give my office a call at 1-800-825-2919. Or, you can email us at [email protected]. We can point you in the right direction and we will help you enroll in the various parts of Medicare at no charge.

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