Is that magic birthday approaching? Don’t panic, learn about Medicare

Is that magic birthday approaching?

Don’t panic.

 

For many people, turning 64 is a watershed moment. Many have the option to begin receiving Social Security benefits, and just a year later, it’s time to sign up for Medicare.

It’s a great idea to learn about Medicare well ahead of enrollment. The following simple steps can help get you started, and expert help is available in every community — much of it at no charge.

Once it is time to enroll, don’t worry — your choices don’t have to be permanent. You can make changes to your Medicare coverage later if you change your mind or if your needs change.

 

Step 1 – Make sure you’re signed up for
Original Medicare

Original Medicare, also called basic Medicare, means Medicare Part A (hospital insurance) and Part B (medical insurance). You should generally make sure you’re signed up for at least Part A when first eligible for Medicare.

Some people, affected by a disability or illness or who are receiving Social Security benefits when approaching 65, are signed up for Part A and Part B automatically. You’ll know this is the case for you if, about three months before your 65th birthday, you receive a red, white and blue Medicare card in the mail.

If you do not want Medicare Part B when you initially enroll in Medicare, you can delay it. Instructions for doing this are in the Welcome to Medicare packet. Anyone covered by an employer-based health plan may save money by delaying enrollment in Medicare Part B — which typically invovles a monthly premium.

Whether you’d like to sign up for only Part A or both Part A and Part B, understanding your options will help. The more you understand the benefits, and the more options you are aware of — not to mention knowing if you’d like help from a qualified agent — will go a long way in helping you feel comfortable, confident and at ease when it’s time to enroll.

 

Important to know for your first enrollment: the Medicare Initial Enrollment Period (IEP) happens for most around their 65th birthday. This is a seven-month period that starts three months before your 65th birthday month, includes your birthday month, and continues for three months more.

 

Step 2 – Decide if you need more 

If you decide to get your benefits through a Medicare Advantage plan, you can expect some plans to cover things that Original or basic Medicare doesn’t cover, like routine vision, dental, and hearing coverage. Some plans also offer extra benefits like OTC drug coverage, allowances for eyeglasses, and fitness plans such as Silver Sneakers. It’s important to note that Original Medicare and Medicare Supplement insurance plans do not cover most prescription drugs or routine vision, dental, or hearing care. If you want to stay with Original Medicare and want coverage for these things, you must find it through stand-alone plans.

When thinking about how you want to get your benefits, it’s important to consider things like your health care needs, budget, and your personal and family history. If you’re unsure of what choice might be best for you, learn more at medicare.gov or by speaking with a licensed Medicare insurance agent.