Almost 65 and wondering how Medicare works? This blog will discuss the basics; who is eligible for Medicare, how to sign up for Medicare and cover the enrollment periods.
What is Medicare?
Medicare is Health-insurance for people who are 65 years old or older. Or for people under 65 with disabilities or people of any age with End-Stage Renal Disease. Many people choose to receive their Parts A and B benefits through Original Medicare; this is a traditional fee-for-service program offered through the federal government. The health care services you receive will be paid directly by the government, and you can go to any hospital that takes Medicare anywhere in the USA. Sometimes having just original Medicare isn’t enough and will leave you with a significant amount of out-of-pocket costs. Are you still figuring out if you need additional Medicare coverage? Schedule a meeting with one of our licensed insurance agents, or click here to go to our blog that explains the different parts of Medicare
Who is Eligible for Medicare?
- People who are 65 and older
- Under 65 with a disability and receiving Social Security Disability Insurance (SSDI) payments for more than 24 months
- Any age with end-stage renal disease or ALS
- You must be a U.S. citizen or permanent resident for five consecutive years.
Three Ways to sign up for Original Medicare:
1. You can apply online at: www.ssa.gov
2. Call Social Security at 1-800-772-1213 (TTY 1-800-325-0788) to apply over the phone or to request an application
3. Apply at your local Social Security office
How To sign up for Additional Medicare plans
- With our Medicare plan finder tool, you can review the available plans in your zip code. Determine the type of insurance you need by entering your doctors, prescriptions, etc…
- Check the star rating when selecting a Medicare plan. These ratings are updated every year and will help you review them.
- Complete an online application yourself or schedule a virtual meeting to enroll with a licensed insurance agent from Policy Engineer
Medicare enrollment periods
- Initial Enrollment Period: Lasts for seven months; your sign-up window is from 3 months before your birth month when you turn 65 to 3 months later. It would be best if you enrolled in Medicare Part A and Part B during this sign-up window to avoid penalties. If you don’t register in time, you may have to pay the penalty for parts B and D.
- Annual Enrollment Period: Anyone can use the Annual Election Period (AEP) to make changes to their Medicare coverage – October 15 to December 7
- Open Enrollment Period: January 1 to March 31
Lock-in Period: April 1 to December 31
- Special Enrollment Period: Special circumstances within the year
- Medicare Birthday Rule: The Medicare birthday rule allows consumers to change to an equal or lesser benefit Medigap policy within a 60-day window without medical underwriting (not available in all states).
Click here to go to our blog page to learn more about Medicare.
Check out our new Medicare 101 Handbook.
The handbook Includes Parts A, B, C, and D of Medicare.
- What has changed in Medicare for the upcoming year
- Available additional plan benefits
- Medicare plan buyer tips
- and much more!
Click here to request our FREE Medicare 101 Handbook