Medicare
Friends and family keep bring up the name Medicare and you are now at the age of 64. As with any government program, there is never a clear explanation even with loads of information available on the topic.
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What is Medicare?
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Who is eligible for Medicare?
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How to get Medicare?
So you may be asking, “What is Medicare?”. Medicare, in a nutshell, is a health insurance program overseen by the federal government for people over 65. However, with meeting certain criteria, younger people can also qualify for coverage.
Your first step to utilize Medicare is to activate Part A & B through Social Security. Don’t worry though, we will provide some helpful links to guide you through the process.
Who is eligible for Medicare?
There are three ways you’ll know you’re eligible:
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You're turning 65 years or older or a legal resident for 5 consecutive years
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All ages with End-Stage Renal Disease (ESRD)
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Those under 65 with named disabilities, after receiving 24 months of disability benefits
As the focus here is on general Medicare information let’s hone in on “Original Medicare,” which is made up of Parts A & B. You’re only required to sign up for it once.
Now there’s something important to note. Most people decide to add additional coverage because limitations exist when you have original Medicare only. Medicare will take care of most (80%), but not all costs. Your 20% share has no cap and offers no safety net for you.
Now, we will go through various plans. For detailed information, please click on the links below.
Hospital visits
Outpatient services
An alternative way to get Medicare benefits
Helps cover prescription medications
Helps to cover expenses that Medicare doesn't cover
Fills in the 20% gap
One way Medicare differs from private insurance lies in your freedom to select options separate from your spouse. Another is that there aren't any plans for families or couples.
So, we’ve dug deeper into the most common type, and briefly touched on the different options. Read below for common questions that come up. And as always reach out with your questions!
FAQ
Maybe you're already receiving Social Security or RR Retirement benefits at least four months before your 65th birthday. You will get your Medicare ID card in the mail automatically for Part A & Part B coverage.
For those who don't fit this description, contact us for helpful sign-up links.
When you turn 65, you'll receive a 7-month window from Medicare to enroll. This is your initial eligibility period three months before your 65th birthday, the month of, and three months after. You'll be offered any plan in your area without answering medical questions or health concerns. You have the right to remain in your Employer Group plan without the worry of any penalties as long as the Group Plan is credible, and most are. We're here to help compare your benefits so you can make the best choice for your unique situation.
Timelines are essential to follow so you don't incur Late Enrollment Penalties (LEP). We'll help you avoid these penalties, which is important because you'll need to pay it for the rest of your enrollment period or life once you're assessed.
Regardless of whether you're automatically enrolled or sign up, coverage begins the month of your 65th birthday. And if your special day falls on the first day of the month, your protection will start on the first day of the previous month.
- Hospital deductibles
- Long-term care
- Hospital copays and co-insurance
Testimonials
For more information, fill out the form below, and we will reach out to you.