Medicare is a federal health insurance program for individuals age 65+ or with certain disabilities. Coverage is broken down into separate parts. Learn more below.
Congratulations on reaching the age of 65! A question we often hear from people interested in Medicare is, “At What Age Does Medicare Start?”
As some may know, turning 65 means that you are now eligible for Medicare, the federal health insurance program for people who are 65 or older, as well as certain younger individuals with disabilities or end-stage renal disease (permanent kidney failure requiring dialysis or a transplant).
If you are planning to retire soon or have already retired, enrolling in Medicare can be an important step in securing your health coverage. It is important to note that if you do not sign up for Medicare when you are first eligible, you may face penalties for late enrollment. Therefore, it is essential to understand the Medicare enrollment process and the deadlines for signing up.
I understand that by submitting my information, I give Agape Insurance Group permission to contact me.
If you are planning to retire soon or have already retired, enrolling in Medicare can be an important step in securing your health coverage. It is important to note that if you do not sign up for Medicare when you are first eligible, you may face penalties for late enrollment. Therefore, it is essential to understand the Medicare enrollment process and the deadlines for signing up.
There are several ways to sign up for Medicare:
You can work with a Local Medicare Insurance Agency or a Local Independent Medicare Agent. Working with a local provider ensures that you can reach someone when you need help understanding plans and their benefits. We all know that government can be inefficient and backed up at times. At Agape Insurance And Financial Group, we don’t have long government wait times and are fast to respond. This is why we are Top Rated Mississippi Medicare Agency in Tupelo.
You can visit the Medicare website (www.medicare.gov) and complete your enrollment online. Many people turning 65 do not understand all the options available to them on the Medicare website and get easily frustrated.
If you need help enrolling in Medicare, feel free to get in touch with our Local Medicare Advisors in Tupelo, Mississippi who can help you understand your Turning 65 Medicare enrollment and plan options.
You can call the Medicare hotline at 1-800-MEDICARE (1-800-633-4227) to enroll over the phone.
You can visit your local Social Security office to sign up for Medicare in person.
While we are glad that the Social Security Administration (SSA) exists and can help with Medicare enrollment, our last point about government wait times still stands. While the SSA can help with enrollment, we suggest getting in touch with your local independent Medicare broker. Independent brokers and agents work for you to maximize your benefits, the SSA works for the government and may not know the true value of stacking your plans for the ultimate benefits you deserve.
Through a Medicare Advantage Plan: If you are interested in enrolling in a Medicare Advantage Plan (also known as a Part C plan), you can do so during the initial enrollment period or during the annual enrollment period.
The initial enrollment period (IEP) is a seven-month period that begins three months before the month you turn 65 and ends three months after the month you turn 65. For example, if your 65th birthday is in April, your IEP would start on January 1 and end on July 31.
If you are already receiving Social Security benefits when you turn 65, you will be automatically enrolled in Original Medicare (Part A and Part B). However, if you are not receiving Social Security benefits, you will need to actively enroll in Medicare during your IEP.
If you do not enroll in Medicare during your IEP, you may still be able to enroll during the annual enrollment period (AEP), which runs from October 15 to December 7 each year.
However, you may face penalties for late enrollment if you do not sign up during your IEP.
If you do not sign up for Medicare when you are first eligible, you may face penalties for late enrollment. These penalties are added to your premiums for Part A (hospital insurance) and Part B (medical insurance).
The Part A late enrollment penalty is a 10% increase in premiums for twice the number of years you were eligible for Part A but did not enroll. For example, if you were eligible for Part A for two years but did not enroll, you would pay a 20% higher premium.
The Part B late enrollment penalty is a 10% increase in premiums for each 12-month period you were eligible for Part B but did not enroll. This penalty is applied as long as you have Part B coverage.
It is important to note that the late enrollment penalties may not apply if you have creditable coverage (coverage that is as good as or better than Medicare) through an employer or union. You will need to provide proof of creditable coverage when you enroll in Medicare to avoid the late enrollment penalties.
Original Medicare (Parts A and B) covers a wide range of healthcare services and supplies, including hospital stays, doctor visits, and certain preventive services. However, it does not cover all health care expenses, such as long-term care or most prescription drugs. Medicare Part A covers inpatient hospital stays, skilled nursing facility care, hospice care, and some home health care services. Part A is premium-free for most people, but you may have to pay a deductible, copayments, and coinsurance for certain services.
Medicare Part B covers medically necessary services and supplies, such as doctor visits, outpatient care, durable medical equipment, and certain preventive services. Part B also covers some home health care services and certain ambulance services. Part B has a monthly premium, which is based on your income. You may also have to pay a deductible, copayments, and coinsurance for certain services.
Want more information? We have you covered. You can give us a call at 662-260-5188 or read more at the following page to have Medicare Explained.
We at Agape don’t recommend that because you’ll be responsible for the 20% that your Medicare Part B doesn’t cover. (That 20% is uncapped). Additionally, if you don’t sign up for a Part D prescription plan, Medicare will permanently penalize you.
You can sign up for a Part D plan, and any other additional ancillary plans that can help you fill in the gaps that Medicare doesn’t cover. Having a supplement plan covers the 20% that is not paid by your Medicare Part B. Additionally having a Medicare Part D prescription drug plan drastically reduces the cost of your medications. Finally, having ancillary plans such as a dental, vision, and hearing plan will help cover services that Medicare doesn’t cover.
While there is some controversy surrounding Medicare advantage plans, they can be a good option for some Medicare beneficiaries. (Especially those who are on a very limited budget). Generally, these plans have a zero monthly premium, and include medical, RX, dental, vision, hearing, over the counter benefit, and more. The main thing you want to be concerned about when signing up for a Medicare advantage plan is making sure all your doctors and hospitals are in the MAPD plans network.
Enrolling in Medicare can be an important step in securing your health coverage as you approach retirement or after you have retired. It is important to understand the Medicare enrollment process and the deadlines for signing up to avoid any penalties for late enrollment. Medicare covers a wide range of healthcare services and supplies, but it does not cover all healthcare expenses. If you need additional coverage beyond what Original Medicare offers, you may want to consider a Medigap plan or a Medicare Advantage Plan.
Contact Us To Learn More.
At Agape Insurance and Financial Group, we help many people just like you find the Medicare plans that fit their needs and budget. To learn more about your Medicare coverage options, and to have available Tupelo Medicare Plans Explained to you, reach out to us today.
