The Parts of Medicare
Health Insurance after age 65. If you’re turning 65, enrolling in Medicare is mandatory with only one exemption: if you or your spouse are still working and are covered by an employer group plan that covers 20 or more employees. If you fall under that exemption, you can wait to enroll until after you separate from your employer. If this exemption does not apply to you, than you will need to enroll in Medicare at age 65.
How do you enroll? Call the Social Security Administration at 800-772-1213 to find out if you will be automatically enrolled. If you need to enroll, you can do so right over the phone. You can also enroll online at www.socialsecurity.gov. It’s important to note that enrolling in Medicare will only give you parts A and B and most everyone will need more coverage than this at some point in their life. Medigap and Medicare Advantage plans are offered through private insurers, so you can shop around and find an affordable option that fits your needs.
When do you enroll? If you are enrolling at age 65, you have a 7 month period to sign up. The enrollment period starts 3 months prior to your 65th birthday and extends 3 months past your 65th birthday. If you are delaying Medicare until you are no longer covered by your employer’s health plan, you will need to enroll prior to the end of your group coverage.
What happens if you don’t enroll in time? If you do not enroll in Medicare during your initial enrollment period, you will need to wait until the general enrollment period that takes place January 1 - March 31 of each year. However, there are late fees associated with this general enrollment.
What if you want more coverage? If you want more coverage than original Medicare, you can invest in supplemental insurance, also known as Medigap. Medigap insurance can cover expenses such as deductibles, co-payments, and coinsurance costs. Medigap is sold through private insurance companies.
Are you a teacher? We work with a large number of CT public school teachers.Connecticut public school teachers have their own Medicare policies available to them with unique costs, application processes and deadlines.
Reed Financial Planning Services, LLC is here to help you and your family with your planning needs. Reach out to us today if we can be of any assistance to you.