A Very Simple Planning Guide For Medicare
A Very Simple Planning Guide for Medicare.
Before you turn 65, plan on receiving dozens of letters and advertisements from agents and health care companies. It's going to be a confusing time.
So, You need a plan.
6-8 Months Before You Turn 65.
Learn about Medicare including the types of plans and when you are eligible.
Contact me to explain how the process works. I have a power point presentation that explains Medicare, advantage and supplement plans, medications, how to avoid penalties, and so on.
4-5 Months Before You Turn 65.
If you are collecting Social Security benefits, you may be automatically enrolled in Medicare Parts A & B. How will you know? I would contact your local social security office to be sure. (Remember there is a monthly cost to Medicare B.) As of 2022, the monthly cost for most of us is $170.10.
If you are not collecting Social Security benefits, contact your local social security office to ask if enrolling in Medicare A & B at this time is a good idea. If you are currently working, waiting to enroll might make sense. Remember to ask the local social security department that and any other questions you may have. Call me and I can explain.
If you are still employed, you will want to contract your benefits department to see if signing up for Medicare Part A is a good idea. Some health plans or employers may want you to enroll in Medicare.
Call me and let me explain how this all works.
2-3 Months Before You Turn 65.
Your Medicare card could arrive in the mail if you applied. This card is necessary to enroll in either a supplement (Medigap Plan) or an advantage plan.
1-2 Months before you turn 65.
You have an Initial Enrollment Period which begins 3 months before your 65 birthday and 3 months after your 65th. birthday for advantage plans. Supplement (Medigap) plans have an enrollment period that begins on your 65th birthday and ends 6 months later. This means you can sign up for a plan several months before the plan takes effect.
It's important to enroll during you Initial Enrollment Period to avoid a penalty.
Thank you and I hope this helps.
John
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