The start of each new year is a time to reflect on the year just past and make plans for the future. New opportunities and the possibility to change our lives. Time to forget the past, celebrate a new start and move forward, right? New adventures to fill your blank book of 2022.
For many “moving forward” means retirement or turning age 65. Since many have called asking how to get the process started, let’s talk about different situations. Some get Medicare automatically. If you applied for retirement or disability benefits from Social Security before your age 65, that serves as your application for Medicare. Once you were approved for Social Security, you automatically get Part A coverage when you’re eligible for Medicare at age 65. If you’re receiving benefits from Social Security at least 4 months before you turn 65, you’ll automatically get Part A. You will also be signed up for Part B. Since there is a premium (cost) for Part B, you can choose to keep it or decline it. If you are not receiving Social Security benefits, you will need to sign up for Part A and Part B. You are eligible to sign up for Medicare as soon as 3 months before you turn 65. There are 3 ways to do this: 1) apply online at Medicare.gov, 2) call 800-772-1213 or 3) contact a local Social Security office. If you have Part A and not Part B, you will need to sign up for Part B using a Special Enrollment Period (SEP). The most common situation is if you turned 65 and stayed on a group health plan. In this situation you will need to complete forms applying for Part B, declaring you’ve had group health coverage and evidence of that employment/group health coverage completed by your employer. If you did not sign up for Part B when you were first eligible and did NOT have other health coverage, you may have to pay a higher monthly premium for Part B. This higher monthly premium due to your delayed sign up for Part B will continue as long as you have Part B. When will your Part A or Part B go into effect? For most, Part A and Part B will be effective the first day of the month you turn 65 (or to complicate the situation, if your birthday is the first day of the month, your effective date will be the first of the previous month – really). If you have Part A and are later signing up for Part B because you’re losing group health insurance, you might want your Part B to be effective the first of the month after your group coverage ends. When can you enroll in a Medicare Supplement or Medicare Advantage plan? Once you are enrolled in both Part A and Part B. Cheers to a year full of happiness and health. 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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