It’s the first of the year and you may be trying to make 2024 plans including when you can sign up/enroll in Medicare.
You may be like Ruth’s friend, Nancy, who joined us for lunch. Nancy stopped working when she was 62 and started receiving her Social Security retirement benefits. Her health insurance is through an individual health insurance policy that has a very high premium and high deductible. Since she turns 65 in June, Nancy is eager to enroll in Medicare. Nancy asked, “What do I need to do to enroll in Medicare Part A and Medicare Part B?.” Since Nancy is already receiving Social Security retirement benefits, she should automatically be enrolled in Medicare Part A and Part B when she turns 65. Once she receives notification of her enrollment in Part A and Part B (or receives her Medicare red, white, and blue card), she can enroll in a Medicare Supplement plan and Medicare prescription plan or a Medicare Advantage plan. Nancy will probably be thrilled with her Medicare options – the cost/premium of the options and the benefits she’ll have. Most pay a lower premium and have better or similar coverage than they did before turning 65. You may not be like Nancy and didn’t start receiving your Social Security retirement benefits before you turn 65. If that’s your situation, you will need to apply for Medicare before you turn 65. You may contact a Social Security office or use their website. When? three (3) months before you turn 65. How long it takes to enroll in Part A and Part B varies so I suggest you start the three (3) months before you turn 65. The key to whether you must enroll in Medicare Part A and Part B to avoid a penalty or whether you’re enrolled automatically is determined by when you start receiving your Social Security retirement benefits. Nancy told us that she felt it was confusing. She had heard about a “late enrollment penalty for Part B.” Her older sister is 73 and still working. She is on a group health insurance plan through her employer. She enrolled in Part A when she turned 65 because she did not have to pay a premium for it. She did NOT enroll in Part B because she would have to pay a premium for it. Because she has coverage on a group health plan, she will not have a late enrollment penalty when she signs up for Part B. Different situations have different rules. There is NOT one single rule that applies to everyone – if you take Social Security retirement benefits before you turn 65, if you continue to work after you turn 65 and you have group health insurance, does your employer have more than 20 employees or fewer than 20 employees; these are only a few situations. How can I help you? 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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