Last month, while Ruth and I were indulging in our fabulous dessert, we ran into a customer of mine, Diane. Diane told me her sister, Martha, had just moved back to Arkansas and needed to talk with me.
Martha called and said “Caroline, can we talk?” Since Martha has moved to Arkansas, she must sign up for a Medicare prescription plan offered in Arkansas. Medicare prescription plans are specific to the state you live in. Medicare Supplement plans do not have that same rule. Martha may keep her existing Medicare Supplement plan, which she likes and feels that she’s paying a reasonable premium. Spring is in the air and people are thinking about retiring. Sharon and Larry are both retiring at the end of July. Sharon turned 65 in January and signed up for Medicare Part A and Part B effective January. She is paying for Part B even though she is still on her group health plan. Larry is 68 and has Medicare Part A. He is still on his group health insurance. He will sign up for Part B effective August 1 when he retires and gets off his employer’s group health plan. Why does Sharon have Medicare Part A and Part B and Larry just has Part A? Why is Sharon paying for Medicare Part B when she is covered by her group health plan? Unfortunately, Sharon did not know she could delay signing up (and paying) for Medicare Part B, since she’s on the group health plan. She could have waited until she got off the group health plan to sign up for Medicare Part B and she would not have had a penalty. Sharon said a friend told her she needed to sign up for Part B and she did. Vernon is 74, retired, has Medicare Part A and Part B and is on his wife’s group health plan. Vernon is losing his health insurance because his wife is leaving her employer. He wants a Medicare Supplement and Medicare prescription plan. Vernon will qualify for a Special Election Period because he is being terminated from his wife’s group plan. The group health insurance company will issue a Letter of Creditable Coverage which shows when Vernon became covered on the plan and when his coverage stopped. Why has Vernon been paying for Medicare Part B for the last 9 years when he has been on his wife’s group health plan? He didn’t know he didn’t have to. Vernon got his Medicare card showing Part A and Part B and he didn’t know he could “opt out” of Part B. Both Sharon and Vernon have been paying a premium for Medicare Part B when they did not have to. Why? They didn’t know they didn’t have to; they didn’t know to ask a qualified professional working with Medicare beneficiaries. Three months before you turn 65 talk start asking questions. Yes, you can call me at 501-868-6650 and say “Caroline, can we talk?”
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AuthorCaroline Beauchamp specializes in personalized life and health insurance solutions. Archives
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