So you’ve just turned 65 and don’t know what to do about Medicare? If you haven’t done so already, enrolling in Medicare should be your first priority. The window to enroll in Medicare is three months before your 65th birthday, your birthday month, and the three months after your 65th birthday. If you don’t know where to begin, LifePlan Financial is here to help you with Medicare. There is a lot to learn so you should get started right away.
New to Medicare?
If you are 65 and have worked for at least 10 years (during which time you paid Medicare taxes), you will be eligible to enroll in Medicare. Additionally, if you are receiving Social Security disability income, you will be able to enroll in Medicare. You may also qualify for Medicare if you have been diagnosed with End Stage Renal Disease (also referred to as kidney failure) or Lou Gehrig’s Disease (ALS).
Receiving Medicare Automatically
You may qualify for Medicare and be automatically enrolled if one of the following applies:
- Already receiving benefits from Social Security or the Railroad Retirement Board (RRB)
- Receiving benefits from Social Security due to a disability
- Have Lou Gehrig’s Disease (ALS)
If you’re automatically enrolled, you’ll get your red, white, and blue Medicare card in the mail 3 months before your 65th birthday, or during your 25th month of disability. If you are diagnosed with ALS, you’ll automatically get Medicare Parts A and B the month your disability benefits begin.
Enroll in Medicare
In order to enroll in Medicare, you have to do your research to know which plan is right for you. Sometimes, the right plan may cost more but also cover more, making it the right choice for you. Not everyone is automatically enrolled in Medicare. For example, you may need to enroll yourself if:
- You aren’t currently receiving benefits from Social Security or the Railroad Retirement Board (RRB) (for example, because you’re still working)
- You have End-Stage Renal Disease (Kidney Failure)
Initial Medicare Enrollment Period
You can join Medicare Parts A, B and D during your Initial Enrollment Period. This is the seven-month window surrounding the month of your 65th birthday, starting 3 months before your birth month and ending 3 months afterwards.
Other Medicare enrollment periods if you enroll after you turn 65:
- Special Enrollment Period for Medicare Parts A and B: If you’ve been covered by insurance through a current job (or a spouse’s current job), you can enroll in Medicare Parts A and B up to eight months after the job or the insurance ends.
- Special Enrollment Period for Medicare Part D: If you’ve had prescription drug coverage through a current job (or a spouse’s current job) and it was creditable coverage, you can enroll in Medicare Part D up to 63 days after the job or insurance ends.
- General Enrollment Period: Annual General Enrollment occurs from Oct. 1 to Dec. 7 each year. If you enroll at this time, your coverage will start Jan. 1, but you may have to pay a late-enrollment penalty if you were eligible to enroll in Medicare previously. Because of this, it is generally advised to enroll in Medicare as soon as you are eligible.
At LifePlan Financial, we pride ourselves on our quality work, our honesty to our clients, and the reliability we provide. Getting insurance doesn’t have to be a hassle when you use LifePlan Financial. Contact us today for any questions or get an instant insurance quote to get started.