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NE Nebraska | Husband turned 65 last year and I just did. You can begin signing up 3 months before your 65th birthday until 3 months after with no penalty. Typically your Medicare will start on the 1st of the month that you turn 65 UNLESS your 65th birthday is on the 1st of the month then you begin on the 1st of the month prior (IE if you have a Dec. 1 birthday then start on Nov. 1). If you don't sign up during that 6 month window there's a penalty on the base rate of 10% increase in your Part B premiums for every year-long period you're eligible for coverage but don't enroll. Part A is the hospital portion. Part B is the doctor/medical portion. There's a base cost of $148.50 currently but there's an income adjusted portion (IRMAA) that's based on your AGI from two years prior. That can increase your cost. Then you'll likely want an additional plan since Medicare won't cover everything. There's a choice between Medigap or Advantage. A Medigap plan should be good with any doctor covered by a facility or doctor who will accept traditional Medicare. There is generally no dental or vision or hearing coverage with traditional Medicare/ Medigap Plan. An Advantage plan is purchased through private insurers and can be less expensive but it may have restrictions or lock you in to certain physicians of their choice or certain locations. It may or may not include some dental or vision. If you choose an Advantage plan but later decide you want to go back to a Medigap plan then you'll likely have to undergo screening and they may deny you. Plan G seems to be the most popular and comprehensive Medigap plan at the moment (previously it was Plan F), but there are several other numbers each covering more or less. You'll also need a Part D plan for the drug cost. You have to sign up at age 65 for Part D or there's a penalty for every month that you wait and that penalty increases the longer you wait and it lasts for life. There are some exceptions to going on Medicare plans - that is, if you're with an employer with 20 or more employees and they have a creditable plan that they'll provide proof of coverage then you can wait to sign up. When you call your Soc Sec office or go to SSA.gov and say you want to get on Medicare they will assign you your Medicare number. Once you get that number you can begin getting quotes for plans from local agents. If you sign up for Medicare before going on SocSec at FRA (full retirement age) then create an account at Medicare.gov with your Medicare # and sign up for Easy Pay so the base Medicare cost and any income adjustments are deducted from your bank account. When you do decide to go on Soc. Sec you'll just notify the Soc Sec office or SSA.gov and it will be a seamless transition where they stop the bank account deductions and take the Medicare costs from your Soc Sec check. The supplemental plans (Part D, F, G, etc) are paid direct to the insurance company. Also, if you are contributing to an HSA (Health Savings Account) you must stop before you go on Medicare or there will be a penalty. If you overpay on your HSA then go to the bank and ask to make a correction by withdrawing the excess contribution. I probably have some of this jumbled or difficult to understand but someone can correct me. I'm NOT an agent. Those are just things I picked up over the past 15 months. | |
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edjumakate me on turning 65....
