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Enrolling in Medicare can be difficult because it depends on an individual's unique situation. Will you continue to work after 65? Are you currently contributing to an HSA? Can you postpone one part and not the other?
When Do You Apply For Medicare Benefits
Our goal is to help you learn about your options and deadlines regarding your Medicare enrollment. Through a personalized analysis, we will assess your needs and lifestyle requirements. Together, we'll find a path that's right for you and your family. We want to reduce anxiety by minimizing your confusion and answering all of your questions. Our services are always free.
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Medicare has certain periods for enrolling in and making changes to the Medicare plan. There are several different registration deadlines depending on the circumstances. They include:
You are eligible for Medicare when you turn 65. The decision to register depends on your situation. Some issues to consider include:
Some people get Medicare benefits automatically, and some have to sign up. Here are some scenarios for automatic Medicare enrollment.
When you are automatically enrolled, you will receive your Medicare card in the mail. You can return the card and defer Medicare Parts A and B if you intend to remain in employer group coverage and if your employer has more than 20 employees. When you're ready to leave employer group coverage, you can reapply for Medicare Parts A and B.
When To Enroll In Medicare
If you are not automatically enrolled, you can enroll at www.ssa.gov or by calling your local Social Security office. If you plan to enroll in Medicare at age 65, you have 7 months to enroll in Parts A and B. The enrollment period begins three months before you turn 65 and ends three months after your birthday. A late registration penalty may apply after the 7th month.
If you plan to work after age 65, and you work for a company with 20 or more full-time employees and you are covered by their group health insurance, you may not need all parts of Medicare when you turn 65. become a year old.
You can sign up for Part A, which is free for most people, if you or your spouse have worked for at least 10 years or 40 quarters. You can delay premium-based Part B and/or Part D without penalty and get them later when you retire or lose your job-related coverage. When you retire, you'll have a special election period to sign up for Medicare Parts B and D without penalty.
Health savings account contributions cannot continue if you enroll in Medicare, even for Part A. The IRS doesn't allow you to pay if you have two insurances, and Medicare will count as second insurance if you're in your employer's group plan.
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If you enroll in Medicare after your 65th birthday, you should plan to stop HSA contributions 6 months before you enroll in Medicare, because enrollment is retroactive for up to six months.
If you're still in your employer's group coverage and you or your employer is contributing to a Health Savings Account (HSA) on your behalf, don't sign up for Part A or Part B if you want to keep contributing.
If you initially deferred Part B, you'll need to fill out 2 forms and send them to the Social Security office when you're ready to enroll. These can be mailed or faxed to your local office. Field Office Locator |: SSA:
If you delay Part B without having adequate coverage, such as employer group health coverage, you may be subject to penalties.
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You must enroll during the Part B general enrollment period (January 1 to March 31), which will be effective July 1. The monthly penalty is permanent: 10% for each unregistered 12 months.
If you plan to keep your employer's insurance, you'll want to compare the costs and benefits of that insurance with Medicare to determine which is the most cost-effective. Everyone's situation is different. Our Medicare consultants can help you decide whether you should enroll in all parts of Medicare or just parts A and D while you're still working.
It's our job to know everything about Medicare so you don't have to. The senior finance team is here to help.
Call us at (865) 777-0153 or (800) 677-0153 to schedule an appointment or email us with your questions here.
Can I Use Medicare Even When I Have Access To Health Insurance?
Schedule your free, personalized plan comparison with a trusted local expert. We'll go over all the health insurance options available to you and help you decide which Medicare insurance plan provides the right amount of coverage at the right price.
Whether you enroll in plan coverage on your own or with our help, the cost of the plan is the same. Call today! If you're 65, enrolling in Medicare is just around the corner. While applying for Medicare can seem like a daunting task to many, with the right resources, it doesn't have to be complicated.
Enrolling in Medicare looks different for everyone. However, we've put together a detailed Medicare enrollment checklist to help make your Medicare journey easier.
Enrollment in Medicare usually begins up to six months before you turn 65.
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During this time, it's important to think about the most important benefits and how you want to be covered. Below are five steps to review your Medicare checklist six months before your Medicare eligibility begins. 1. Understand the four parts of Medicare
First on the Medicare checklist, understanding the different parts of Medicare is vital. Medicare Part A and Part B make up Original Medicare. Original Medicare covers inpatient and outpatient medical services, respectively. These two parts of Medicare work hand in hand to cover your routine medical expenses.
Medicare Part C and Part D cover additional benefits not included in Original Medicare. Both of these parts of Medicare are available through private insurance companies, not through the federal government like Original Medicare.
Medicare Part C, or Medicare Advantage, combines Original Medicare and other benefits such as prescription drug, vision, hearing and dental to provide an all-in-one insurance option. When you have Medicare Advantage, it means Original Medicare.
Should I Get Part B If I'm Working Past 65?
Medicare Part D helps cover prescription drugs when you have Original Medicare. You must choose between enrolling in Medicare Part C or Medicare Part D. You can't enroll in both types of coverage because many Medicare Advantage plans cover drug benefits. 2. Educate yourself about Medicare supplement plans
In addition to the four parts of Medicare, educating yourself about Medicare supplement plans is another important task to add to your Medicare checklist. Ten standardized Medicare Supplement plans help cover the costs that Original Medicare leaves behind. These plans can be combined with Medicare Part D benefits to give you the most comprehensive Medicare coverage possible.
You can enroll in a Medicare Supplement program that helps cover Medicare Part A and Part B costs. However, you must decide whether to enroll in a Medicare Advantage or a Medicare Supplement plan because you cannot have both at the same time. 3. Review additional vision and hearing plans
One of the most significant gaps in Original Medicare coverage is the lack of vision and hearing coverage. Often, those on Medicare enroll in separate dental, vision, and hearing plans to cover this gap in benefits.
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Knowing how these support programs work in conjunction with the Medicare coverage you choose is important to ensure you are getting the best possible benefits.
However, let's say you are enrolled in a Medicare Advantage plan. In that case, you can compare the benefits of the auxiliary plan with your Medicare Advantage plan because your plan may include vision and hearing. 4. Learn how Medicare works with other insurance
The next item on our Medicare checklist is to learn how Medicare works with other insurance coverage. If you get health insurance from an employer or union, the VA, or another organization outside of Medicare, you need to understand how that coverage works with Medicare.
Whether you are actively working or retired will play a big role in whether or not your insurance qualifies for Medicare. In some cases, if your coverage is deemed eligible, you can delay Medicare Part B benefits without penalty.
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Those with active employer insurance often enroll in Medicare Part A if they qualify for zero premiums and defer Medicare Part B until they lose group benefits. To ensure that your insurance is credible, it must provide at least equal benefits to Original Medicare.
On the other hand, if your insurance is not creditable, you must enroll in Medicare Part B. Medicare is your primary insurance when your other insurance is not eligible for Medicare, so a supplemental insurance plan will be paid as a secondary.
This includes if you are eligible for Medicaid. In this case, Medicare will be your primary insurance and Medicaid will pay secondary. 5.
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