Medicare VS Medicaid
Medicare and Medicaid are two government-run health programs that provide health insurance benefits to a significant number
Medicare and Medicaid are two government-run health programs that provide health insurance benefits to a significant number
You can qualify for Medicare if you are a United States citizen or a permanent legal resident living in the U.S. for at least five years. You are qualified to receive Social Security by having worked at least 40 quarters (10 years) in your lifetime.
Standard Medicare enrollment begins when turning 65. You can qualify for Medicare before that if you have been on Social Security disability for 2 years.
If you are already receiving Social Security you will receive a notice that your Medicare will start unless you let them know not to. If you are not receiving Social Security visit www.StartPartB.com to enroll in Medicare online.
It is important to understand that you do not want your Medicare Part B to start untill you are ready to enroll in Medicare - so if you are going to stay on your group plan past age 65 (20 or more employees) - do not star Medicare Part B.
Once you turn 65, you’ll also be eligible for Part B of Medicare. For this part of Medicare, you’ll be responsible for a premium that you’ll pay monthly. The standard premium for Medicare Part B in 2021 is $148.50. This part of Medicare is known as your outpatient coverage, and will provide you with the following benefits:
To get more of an idea of what benefits are covered under Part B, check out our Part B page for more information.
Just like with Medicare Part A, if you are receiving Social Security benefits, or are a member of the Railroad Retirement Board, you will automatically be enrolled in Medicare Part B at age 65. If you are not receiving these benefits, you must apply for Medicare Part B yourself if you plan to transition into Medicare when you turn 65. It is important to keep in mind that depending on when you enroll during your Initial Enrollment Period impacts when your Medicare Part B will begin-
Part B Sign-Up Date | Part B Coverage Begins- 1st of the Month |
During the 3 Months Before Your 65th Birthday | Month of your Birthday |
During the Month of Your Birthday | Month After your Birthday |
During the Month After Your Birthday | 3 Months After your Birthday |
During the 2nd Month After Your Birthday | 5 Months After your Birthday |
During the 3rd Month After Your Birthday | 6 Months After your Birthday |
Give us a call at 877-88KEITH (53484), an experienced agent will walk you through how to apply for Medicare Part B to ensure that your coverage begins when you need it!
Not everyone is required to enroll in Medicare Part B at age 65. If you are continuing to work past age 65, or your spouse is, and you are on a creditable employer-sponsored health plan with more than 20 employees, you can remain on your current coverage even though you are Medicare eligible. Once you or your spouse retires and you leave this coverage, you will likely qualify for a Special Enrollment Period to initiate your Medicare Part B coverage without any late penalty fees.
However, if you do not have creditable health care coverage, such as COBRA or retiree coverage, and do not enroll in Medicare Part B at age 65, you’re Medicare transition will be much more difficult. You will have to apply for Medicare Part B during the General Enrollment Period, which is from January 1st– March 31st, with coverage beginning on July 1st. You will also be required to pay a lifetime late enrollment penalty for Medicare Part B, which will be determined by the amount of time you delayed coverage. These two factors are the most important reason that you do not want to delay your Part B enrollment if you do not have creditable health care coverage.
If a delay is needed due to other insurance, it is best to talk with an agent that specializes in Medicare. They’ll be able to guide you to the special election periods. These periods are for you to use, so you aren’t subject to the late enrollment penalty, as this will follow forever.
If you want to enroll in a Medicare Advantage Plan that offers prescription drug coverage, you need to be enrolled in both Part A and Part B, as well as live within the service area.
Many people who enroll in Medicare elects to remain on Original Medicare and enroll into a Medicare Supplement plan for additional coverage. This option gives enrollees the freedom of Original Medicare, while limiting out-of-pocket expenses.
Once you have enrolled in Medicare Part A and Medicare Part B, you are eligible to enroll in a Medicare Supplement plan, also known as a MediGap plan.
Typically, you will want your Medicare Supplement plan to begin on the same day your Medicare coverage begins so you have no gaps in your coverage. When you Medicare Part B begins, you have 6-months to enroll into a Medicare Supplement plan with no medical underwriting. This means that insurance carriers cannot assess your health history or deny you coverage into a plan based on your previous medical records. This is crucial if you have a significant medical history. Usually, you can apply for a Medicare Supplement plan up to 6-months before your Part B coverage is set to begin.
Give us a call at 877-88KEITH (53484), an experienced agent will walk you through all of your Medicare Supplement plan options, as well as the process of applying for these plans.
Your other option for additional coverage is a Part C plan, also known as a Medicare Advantage plan. With Part C, this means you’ll get all your Original Medicare benefits through a private insurer. Keep in mind that many of these plans will have a much small network, but many will, however, include a Part D coverage for your prescribed medications. Eligibility for these plans requires enrollment in Medicare Part A and Part B, and you must live in the plan’s service area.
Even though you can enroll in a Part C plan, you can’t drop Part B, and you still must pay for those premiums. To have any eligibility for Medicare Advantage or if you want to get a Medigap plan, then you must be enrolled on both Parts A and B.
If you’re actively enrolled in Medicare Parts A and B, you are eligible for Medicare Part D. Your residence must also be within your plan’s service area as Part D plans are based on where you live. This part of Medicare is optional, but covers many of your prescribed medications, it is highly recommended that you enroll in this part of Medicare if you have no other drug coverage. Medication cost is expensive, and this part will lower your copays so you won’t pay too much out-of-pocket.
Remember, there are also penalties for late enrollment into Part D. These penalties are only if you don’t have other credible coverage like an employer group insurance plan. You will only see a late penalty for Medicare Part D if you do not enroll when you are first eligible. It is also important to remember that this penalty is a lifetime penalty, so we want to avoid it as much as possible!
Visit our Part D page for more information on when to enroll and possible late-enrollment penalties
This can be tricky and even challenging for a lot of people. Determining your eligibility comes with a lot of questions about when you can enroll, what the qualifications are, and even if there are any requirements for Medicare. This is understandable as navigating the Medicare landscape isn’t always easy. Though the process may be overwhelming, there are people who can help.
Give us a call at 877-88KEITH (53484), an experienced agent will help you determine your Medicare eligibility and when you can complete your Medicare Enrollment.
When it comes to Medicare, you’re not alone. There are people willing to help you and make sure you are enrolled on time and with any additional coverage that you may need. Your health care is essential to living out your golden years without worrying about astronomical medical bills or whether or not you’ll be able to afford your prescriptions. Finding help is simple and will help you get the coverage you need so you can rest easy and live the life you were meant you once you retire. Don’t let costly medical expenses keep you from enjoying your life and much deserved rest. Learn about all the eligibility requirements and enroll as soon as possible to keep your health care going and the bills down.
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