Turning 65? Let’s Talk About Enrollment

Remember when you couldn’t wait for “big” birthdays — the year you were allowed to drive, then when you became “legal” (first to vote, then to enjoy a cocktail). Good times, right?

 

Turning 65 brings yet another milestone: becoming eligible for Medicare!

 

While enrolling in Medicare may not be as thrilling as getting behind the wheel, it’s still a biggie. You’ve worked all your life to enjoy this important health benefit. Following is a simple guide covering how and when

A Brief Overview

Medicare, comprised of various parts, is the federal health insurance program primarily for people ages 65 and older. People with disabilities and certain conditions may be eligible before age 65.

 

When to Sign Up

If you’re new to Medicare, sign up during the Medicare Initial Enrollment Period (IEP), a seven-month window that spans three months before the month of your 65th birthday, ending three months after.

 

While you can enroll during this timeframe, signing up as soon as you are eligible ensures your coverage starts on your 65th birthday. Your enrollment will be processed/approved two to four weeks after Social Security receives it. Once approved, you’ll receive your Medicare card two to four weeks later.

 

Not retiring? If you continue to work at 65 and beyond, your employer or your spouse’s employer may already cover your health insurance. If so, you may be able to wait to enroll without penalty in Medicare Part B (which covers doctors’ services and outpatient medical care).

 

When you either stop working or lose employer coverage, you qualify for a Special Enrollment Period(SEP), an eight-month window to enroll in Medicare Part B.

 

Additionally, if you receive Social Security benefits before turning 65, you will automatically be signed up for Medicare Parts A and B. Your Medicare card will arrive approximately three months before your birthday.

 

How to Sign Up

Enroll through Social Security using one of the following options:

• Via the Social Security website: ssa.gov/medicare/sign-up (the fastest option)
• Call Social Security 800 772 1213
• Go to your local Social Security office (appointment required)
• Work with a Medicare agent who is knowledgeable and trustworthy. Their services are free.

 

“It’s Free, Right?”

Some people are under the impression that Medicare is free. However, like other health care

plans, it can include premiums, deductibles, co-pays, and co-insurance.

 

Your best source for determining the various costs of Medicare and its parts is the article

“What Does Medicare Cost?” at medicare.gov.

 

Avoid Penalties

Enroll as soon as you’re eligible. Missing enrollment deadlines can result in lifelong penalties that can easily be prevented. Potential penalties include:

 

Part A.  For each year (times two!) that passes in which you’re not signed up for Part A, you are

penalized 10% of your monthly premium.*

*Note: this penalty applies only if you must buy(and therefore pay a premium for Part A) because you had less than the required 10 years of work credits to receive Part A free, and you miss the IEP without qualifying coverage.

 

Part B. Additional penalty of 10% of the standard premium for each full 12-month period you delay in enrolling, continuing as long as you have Part B.

 

Conditions that DISALLOW Part B penalty:

• Maintaining health insurance through your or your spouse’s employment if the employer has 20 or more employees.
• Signing up for Part B within eight months of termination of coverage through your/your spouse’s employment.
• If you previously dropped Part B because you or your spouse returned to work with new employer coverage, you can re-enroll penalty-free after that work ends.
• At the time you turn 65 you were volunteering or living or working oversees through an authorized organization.
• Natural disasters or emergencies prevented your ability to enroll on time.

 

Part D (prescription drug coverage). Carries a late-enrollment penalty if you fail to sign up for it 63 days or more after your seven-month IEP window closes.

 

Turning 65 may not seem as exciting as getting your driver’s license or ordering your first legal drink did, but it is a milestone worth celebrating! You spent years building your Medicare benefits — don’t let confusion or procrastination stand between you and the penalty-free coverage you deserve.

 

Mark your Medicare enrollment dates on the calendar, learn your options, and when the

time comes, take the wheel. After all, 65 isn’t the end of the road – it’s the beginning of a whole

new journey!

 

 

Julie VanDyke is a freelance writer committed to simplifying Medicare for all.