Turning 65 What To Do About Medicare – Medicare eligibility begins at age 65 for most people. If you’re about to turn 65, you’ll be next in line for Medicare beneficiaries. Here’s what you need to know to prepare.
The first time you can enroll in Medicare is called your Medicare Initial Enrollment Period (IEP). Your Initial Enrollment Period is 7 months long. This includes:
Turning 65 What To Do About Medicare
For most people, this is the best time to sign up for Medicare. Signing up for Medicare coverage during your Initial Enrollment Period can help you avoid late enrollment penalties.
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Most people get Medicare Part A (hospital insurance) with no premium because they or a spouse has worked and paid taxes for at least 10 years. Part B (medical insurance) has monthly premiums for 2023 of $164.90 to $560.50, depending on income.
You can delay or delay signing up for Part B if you have other health care coverage, such as through an employer or union. You must be eligible for a Special Enrollment Period to avoid huge enrollment penalties if you delay Part B. If you have coverage through an employer, you can also choose to delay enrollment in Part A, especially if you still want to contribute to a health savings account (HSA).
Learn more about your options if you’re still working after age 65 in the video below or in this resource Medicare – Working Past 65.
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PHIL: Hi, I’m Phil Mohler. I have written articles and books about retirement and health care. And I’ve written a lot about Medicare.
An icon with buildings moves through a timeline, and stops at 65, with a picture of a birthday cake above it.
PHIL: When people at 65 decide to continue working, they have some important decisions to make about Medicare. I’m going to talk today about the decisions you have to make when you work for a large employer with 20 or more employees.
PHIL: Medicare rules in that situation give you the right to do nothing. If you choose, you can just keep your Medicare. But it also sets up a series of possible decisions. And I want to talk about those now. There are actually three pathways here.
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PHIL: The first one, as I said, is that you can keep your employer plan and you don’t have to take Medicare. The second way is that you can keep your employer plan, and you can also get Medicare. And there are some situations where it makes sense. The third path is, well, you can get Medicare and you can drop your employer plan. So these are the three paths. Let’s talk about them in order.
PHIL: So when you decide you’re going to do nothing and keep your employer’s plan, there’s one wrinkle I want to make sure you know about.
PHIL: Even though your employer is obligated to continue offering you health coverage, including drug coverage, Medicare rules stipulate that your drug coverage in your employer plan must not decrease as good as a standard Medicare Part D plan.
PHIL: If that’s fine, and your employer has to give you a statement proving it. People don’t even know their statement even exists, let alone that they should ask for it. But your employer has a legal obligation to provide it, it is an important piece of paper for you.
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PHIL: Because if your plan is believable, you’re fine. But if your plan is unreliable, you need to get a Part D plan. Even if you keep your employer’s coverage. In that case, you can get a Part D plan without having to pay for part B, all you need is part A, and you get a Part D plan.
PHIL: You keep your plan with the employer. That’s the most important type of implication of keeping your employer’s plan as far as Medicare is concerned.
PHIL: The second scenario is you decide, “Well, I think I want to keep my employer’s plan and I also want to get Medicare.” In that case, you really need to pay attention to what Medicare will give me or get me that my employer plan won’t cover.
PHIL: Historically, people tended to just keep their employer plans and they didn’t worry about getting Medicare when they turned 65. However, employer plans have changed dramatically over the years. last year.
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PHIL: Many people today have what are called High Deductible Health Plans. You may pay three $4,000, or more out of pocket before your employer starts helping you pay those bills. In that case, it can make a lot of sense to get a Medicare plan, which can help pay that deductible for you. Also, Medicare may cover some things that your employer’s plan doesn’t.
PHIL: In particular, a Medicare Advantage plan may cover health clubs and dental, hearing, and also some vision coverage that may or may not be covered by your employer plan. So, check what your employer plan covers, see what you are exposed to in terms of cost and coverage features. And then you may decide that you really want both.
PHIL: The third thing is you look at your employer plan, and you look at what Medicare offers. And you say, “Well, it’s a bit expensive to do these two, maybe Medicare is all I need.”
PHIL: And that’s possible. You need to understand what Medicare will cover and see what will happen to you if you are no longer on that employer plan. In that case, you also need to pay attention to what will happen to your family. If your spouse and children are covered by your employer plan, you probably want to think long and hard before you leave that employer plan.
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PHIL: Although it’s still possible that you and they could be better off if you dropped your employer plan and they went to a state insurance exchange and got their coverage. Those are the decisions you can make. One thing I will say is that you don’t want to wait too long to make these decisions. And you don’t even want to guess what’s going on.
PHIL: We’ve covered a lot now, so let’s recap a little bit. If you work for a large employer with 20 or more employees, the employer must continue to offer you health coverage. You have three decisions. You’ll either keep your employer plan, get Medicare with your employer plan, or drop your employer plan and get Medicare instead.
PHIL: All of these decisions should be based on information and knowledge about what’s covered, what’s not, what it costs. That’s the information you need to get from your employee benefits department and you need to get it before you turn 65.
PHIL: Don’t spend the night here. You really need to act on a timely basis to ensure that you make informed Medicare decisions. If you have more questions, you can go to MedicareMadeClear.com and get more information. Thank you very much for spending some time with me.
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The original Medicare was administered by the federal government. Medicare Advantage plans are offered by private insurance companies approved by Medicare. They must provide all the same benefits as Original Medicare Parts A and B. Many Medicare Advantage plans include additional benefits, such as coverage for prescription drugs, dental, vision, hearing, fitness and more.
Original Medicare did not include coverage for prescription drugs and other health items. To get prescription drug coverage, you can buy a stand-alone prescription drug plan (Part D) or choose a Medicare Advantage plan that includes drug coverage.
Generally, you don’t need additional coverage if you choose a Medicare Advantage plan because most include prescription drug coverage.
Medicare is not required, but if you decide not to enroll at age 65 and don’t qualify for the Special Enrollment Period, it can be costly. Medicare Parts A, B and D all have late enrollment penalties, and they can add up quickly. Take some time to think carefully and learn all of your options if you are considering not enrolling in Medicare. It’s usually a good idea to enroll at age 65 if you don’t qualify for the Special Enrollment Period.
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Some programs offer financial assistance with Medicare premiums and other costs. You might want to check them out, even if you think you might not qualify.
Other programs may also be available in your state, and you should check with your local State Health Insurance Assistance Program (SHIP) office to learn more.
Don’t let Medicare enrollment fool you. Use these 6 tips and start learning the basics about Medicare so you can make an informed decision when the time comes. And to get started, get Medicare resources and information delivered right to your inbox about the Early Enrollment Period.
Medicare Made Clear brought to you by UnitedHealthcare provides Medicare education so you can make informed decisions about your health and Medicare coverage. The retirement age used to be simpler. At age 65 you think you’ll start collecting Social Security and start being insured under Medicare. You are expected to retire from work and, with your gold watch and farewell party, everything is set.
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Now you can start collecting Social Security for most applicants at any time from age