Turning 65 is a significant milestone, and it comes with the opportunity to join Medicare, the federal health insurance program. Here’s a quick guide to help you understand what you need to know and do:
Understanding Medicare
Part A: Hospital Insurance (covers inpatient stays, nursing facilities, hospice).
Part B: Medical Insurance (covers doctors, outpatient care, and preventive services).
Part C: Medicare Advantage Plans (all-in-one alternative to Original Medicare).
Part D: Prescription Drug Coverage.
Eligibility and Enrollment
Automatic Enrollment: If you already receive Social Security benefits, you’ll be automatically enrolled in Parts A and B.
Manual Enrollment: If you’re not getting Social Security benefits, you must sign up.
Initial Enrollment Period (IEP): This is a 7-month window that starts 3 months before your 65th birthday, includes your birthday month, and ends 3 months after.
Special Enrollment Periods (SEPs): If you’re still working and have health coverage, you can delay without penalties.
Costs
Premiums:Most people don’t pay for Part A, but there’s a monthly premium for Part B.
Late Enrollment Penalties: If you miss your enrollment window, you could face higher premiums for Part B and Part D.
Coverage Options
Original Medicare (Parts A and B): Managed by the federal government.
Medigap: Supplemental plans designed to cover out-of-pocket costs not covered by Original Medicare.
Prescription Drug Plans (Part D): Standalone plans for medications. These plans are used with Original Medicare or added to a Medigap plan.
Medicare Advantage (Part C): An all-in-one plan that includes Parts A and B. It is offered by private companies. The extras often include six extra benefits in Homosassa, FL, and the surrounding areas.
Enrollment Process
Social Security Administration (SSA): Handles Medicare enrollment. You can enroll online, by phone, or in person at an SSA office.
Resources for Assistance
Entry into Medicare can seem overwhelming when considering your financial and health needs. We recommend that you find a reputable local agent/broker to assist you in navigating the right fit for your needs. Seek out a Certified Medicare Insurance Planner™ for the quality and integrity of this critical process.
I have a saying: “No one is racing to the age of 65, but we are all racing to Medicare because it is that strong.” Happy 65th birthday, and welcome to Medicare!
About Dayna Schafer
Dayna is a Certified Medicare Insurance Planner™, a member of the Rise Community, and founding member at Bayside Health Benefits.Her agency is located in Homosassa,FL and concentrates throughout Florida where she guides Medicare beneficiaries in navigating the complexities of supplemental insurance options.Dayna certifies with 10 insurers to relentlessly seek out the right fit for her client’s healthcare needs.
