If you are aging into Medicare, start reviewing your plans early to avoid delayed coverage!

People aging in to Medicare, turning 65, must review both their retirement and Medicare plans to know when to enroll and what coverage to choose.

Everyone’s retirement situation is unique. Even a husband & wife will need two separate plans to meet the needs of each individual’s situation. If you draw your Social Security income benefits before age 65, you’ll be automatically enrolled in Medicare Parts A and B and should receive your Medicare card three months before your 65th birthday.  Medicare will become effective on the 1st day of your birth month. You’ll have the option to refuse Part B, as it requires you to pay a monthly premium. You may consider this if you are receiving benefits from another health insurance policy. It is recommended that you discuss the benefits and compare your plans and options side by side with a professional, like your Marketplace Agency H.E.L.P Agent,before turning 65, even if you plan to continue to work.

If you haven’t started receiving your Social Security benefits by age 65, you will have an Initial Coverage Election Period (ICEP) to review your plans and options that will begin 3 months prior to your birth month. If you don’t elect coverage during this time, you may have to pay late penalties and risk coverage being delayed.

If you decide not to enroll in Medicare Parts B and D because you have coverage from your employer’s plan, the late enrollment penalties mentioned above won’t apply if the plans are determined to be “creditable coverage”. Generally, you will need to enroll in Medicare Part B within eight months of your retirement date, and you must enroll in a Medicare Part D plan no more than 63 days after your retirement date to avoid penalties.

This is a complex and difficult decision, with many factors involved. To make sure you’re choosing the right plan for your situation, our Marketplace Agency H.E.L.P Agents will review your current coverage and show you a number of options available to you as you near your Medicare and Retirement milestones.

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