Are you turning 65 this year?
Are you concerned about knowing the correct information about Medicare? Do you need a detailed explanation about the benefits you can get and if it’s worth getting a plan or not? Remember that you are not alone in asking these questions. With hundreds or even thousands of people turning 65 everyday, you may be seeing your mailbox inundated with information about Medicare months before your birthday.
Let’s walk you through the process of transitioning to Medicare.
How Do I Get Medicare?
If you are currently receiving benefits from Social Security, you are automatically enrolled in Medicare. However, if you’re not receiving Social Security benefits, you may need to enroll yourself in Medicare around your 65th birthday. You have a seven-month window to enroll initially which includes three months before your birthday month, your birthday month and three months after your birthday month. This period is formally known as the Initial Enrollment Period (IEP). You want to avoid delaying your Medicare enrollment since this will result in you having to pay penalty payments and having to deal with gaps in Medicare coverage.
Learn the Types of Medicare Plans
An important part of getting Medicare is knowing the Medicare Plans. The government runs Medicare parts A (Hospital) and B (Medical) and is often referred to as Original Medicare. Often, you are automatically enrolled after receiving benefits from Social Security. This enrollment enables you to go to doctors and hospitals, get services and supplies. Medicare will take care of its share of your medical-related expenses, and you pay the rest.
If you are not automatically enrolled, you will have to visit Medicare.gov and make contact with a representative to get enrolled in parts A and B.
Many people choose to add to their Original Medicare Plan by choosing a product called Medicare Supplement (Medigap) or a Medicare Advantage Plan also known as Part C. Each type of plan has different features depending on your requirements. Part C is covered by private insurance companies that covers all of the same benefits of original Medicare and may also include vision, dental and drug plans. Part D is the Medicare Drug Plan and is covered privately as well. There are potential penalties for delaying Part D coverage.
There are a multitude of ways to select the appropriate coverage. Often, the process is confusing and time consuming. We are here to help and a few minutes on the phone might be able to save you hours worth of frustration.