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There are several things to consider when enrolling in Medicare that are explored below.
Medicare is available for citizens age 65 who have lived in the United States for 5 continuous years. Other individuals who are eligible include: individuals who have been entitled to Social Security disability for at least 24 months; anyone diagnosed with ALS, or anyone with end stage renal disease.
Medicare Part A is free for most Americans and automatically given to you the month of your 65thbirthday. If you are collecting Social Security benefits at least 4 months prior to your 65th birthday, then you will automatically be enrolled in Medicare Part B. Otherwise you will have to opt into Medicare Part B using one of the following options:
Medicare has enrollment periods for enrolling in Original Medicare itself, and enrollment periods for enrolling in Medicare Advantage and Prescription drug plans. Enrollment periods for getting your Original Medicare Started:
Initial Coverage Enrollment Period: You use this enrollment period to enroll in Original Medicare Part B. Your “ICEP” begins three months prior to your 65th birthday, and ends three months after your birthday month, for a total of 7 months. For example, if your birthday is in May, then your IEP is February - August. Keep in mind that the day you apply effects the day that your coverage begins. In order to be sure that your coverage begins the month you turn 65, we recommend enrolling in Part B during the 3 months prior to turning 65. You can also use this enrollment period to enroll in a Medicare Advantage or Prescription Drug Plan.
Special Enrollment Period: If you are still working past age 65 and opt to keep your credible Employer Group Coverage Health Plan until retirement, you will use a Special Election Period (or SEP) called “Loss of Employer Group Coverage” in order to qualify for Part B when you retire. This enrollment allows you to start Medicare Part B when you kept your Employer Group coverage after age 65 and lost it due to retirement or termination of employment. You must use the CMS 40B to enroll and the L564 form to prove you have had credible coverage and avoid a penalty. Certain life events can give people the chance to makechangesto their Medicare Advantage Plans or Prescription drug plans throughout the entire year. If you would like see if you qualify for an SEP, you can find more information here, or speak with one of our specialists.
General Enrollment Period: If you miss your ICEP to enroll in Part B and do not have a qualifying SEP then you can sign up for Part B during Medicare’s General Enrollment Period which is January 1st - March 31st, and your Part B coverage will begin July 1st of the same calendar year.
Annual Enrollment Period: The Medicare Annual Enrollment Period – AEP for short – is a set time each year for changing your Medicare Advantage or prescription drug coverage choices if you choose to. AEP runs from October 15 to December 7. New coverage choices go into effect on January 1.
Medicare Part A by itself does not cost most Americans any premium, has an automatic enrollment at age 65, and does not effect existing employer group coverage. Some working people will delay enrolling in Medicare Part B if they will continue to have employer group coverage through their employer or their spouse’s employer. You can enroll in Part B during a SEP that occurs once your employer’s coverage ends without being penalized if you have credible coverage with your employer.
If you plan to continue working after 65, then you should have a conversation with your employer’s benefit administrator to determine how enrolling in Medicare will effect your current health care coverage. If you are paying for coverage through your employer, then you should look to see if Medicare is amore cost effective option.
Since Medicare Part A rarely costs anything most people should sign up when they turn 65. Many people will delay enrolling in Medicare Part B if they will continue to have group coverage through their employer or their spouse’s employer. You can enroll in Part B during a SEP that occurs once your employer’s coverage ends.
If you plan to continue working after 65, then you should have a conversation with your employer’s benefit administrator to determine how enrolling in Medicare will effect your current health care coverage. If you are paying for coverage through your employer, then you should look to see if Medicare is a more cost effective option.
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Congratulations! You have now completed the Medicare Plan Masters course. Through these lessons, you should have learned what Medicare is and why Americans seek additional coverage, the difference between Medicare Advantage and Medicare Supplement policies, and how the enrollment process works. We understand that these lessons may not answer all of your questions, so feel free to reach out to our specialists for specific inquiries and for help choosing specific plans to meet your coverage needs.
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