Medicare Enrollment

When signing up for Medicare, you have several options to consider. Medicare consists of four major programs:

• Part A: Covers hospital stays.
• Part B: Covers physician fees.
• Part C (Medicare Advantage): Allows beneficiaries to receive care from various delivery options.
• Part D: Covers prescription medications.

Additionally, Medigap policies offer extra coverage for those enrolled in Parts A and B.

Enrollment Period

Medicare enrollment begins three months before your 65th birthday and lasts for seven months. If you are receiving Social Security benefits, you will be automatically enrolled in Medicare Parts A and B effective the month you turn 65. If not, you must sign up for Medicare by calling the Social Security Administration at 800-772-1213 or online at SSA Medicare Enrollment. It is best to enroll early so your coverage begins as soon as you turn 65.

Working and Medicare

If you are still working and have an employer or union group health insurance plan, you might not need to sign up for Medicare Part B right away. Check with your employer to see if their plan is the primary insurer. If Medicare is the primary insurer, you need to sign up for Part B. Even if you delay Part B, you should still enroll in Medicare Part A to help cover costs not included in your group health plan.

If you don’t have an employer or union health plan, or if the plan is secondary to Medicare, it is crucial to sign up for Part B during your initial enrollment period or when you lose your employer’s plan. Note that COBRA does not count as health insurance for Medicare purposes. DROP participants must enroll in Part B within 63 days of retiring. Failure to enroll within this timeframe results in a penalty, increasing your premium by 10% for each 12-month period you could have enrolled but didn’t. You will also need to wait for the general enrollment period from January 1 to March 31 each year.

Medicare Costs and Coverage

Medicare covers about half of your medical costs due to deductibles, copayments, and exclusions. To cover the remaining costs, consider purchasing a Medigap policy from a private insurer.

Medicare Advantage (Part C)

Medicare Part C, or Medicare Advantage, requires enrollment in Parts A and B. These private health plans provide all Part A and B coverage and may offer additional benefits like vision, hearing, dental, and wellness programs.

Prescription Drug Coverage (Part D)

Medicare Part D offers prescription drug coverage. If you don’t enroll in a Medicare Advantage plan with drug coverage, sign up for a Part D plan when enrolling in Parts A and B. Delaying enrollment increases your premium by at least 1% for each month past the initial enrollment period unless you had creditable coverage from a private insurer.

Consulting a Professional

Medicare and Medigap plans can be confusing. Your Medicare choices are crucial for your retirement. Consult with a licensed professional to make the best decisions for your situation.

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