Are you new to Medicare, getting ready to turn 65, or preparing to retire? If so, you'll need to make several important decisions about your health coverage. There are more options today than in years past, with some important changes to some well-known options. Don't wait to enroll, as you might miss an important enrollment deadline that could result in potential penalties or delaying your coverage. Use these steps to gather information so you can make informed decisions about your Medicare. Contact The Coleman Agency to discuss plans that are specific to your area. These plans may vary from state to state and even county to county. So, allow a local Medicare certified professional from our agency to help you understand your options.
First: Start To Learn The Different Parts Of Medicare
The different parts of Medicare help cover specific services. Medicare Part A (Hospital Insurance) covers inpatient hospital stays, care in a skilled nursing facility, hospice care, and some home health care. Medicare Part B (Medical Insurance) covers certain doctors' services, outpatient care, medical supplies, and preventive services.
Second: Know The Important Dates For Eligibility And Enrollment
There are only certain times when people can enroll in Medicare. Depending on the situation, some people may automatically enroll while others may need to apply for Medicare. The first time you can enroll is called your Initial Enrollment Period. Your 7-month Initial Enrollment Period usually:
- Begins 3 months before the month you turn 65
- Includes the month you turn 65
- Ends 3 months after the month you turn 65
If you don't enroll during your initial enrollment period, you may have to pay a Part B late enrollment penalty, and you may have a gap in coverage if you decide you want Part B later.
Third: Enrolling In Part A And Part B Is A Decision You Need To Make
Most people should enroll in Part A when they turn 65, even if they have health insurance from an employer. This is because most people paid Medicare taxes while they worked, so they don't pay a monthly premium for Part A. Certain people may choose to delay Part B. In most cases, it depends on the type of health coverage you may have. Everyone pays a monthly premium for Part B. This varies based on reported annual income and when you enroll in Part B. Most people will pay the standard premium amount of $135.50 in 2019.
Fourth: Start Planning On What Coverage Is Best For You
If you decide you want Part A and Part B, there are 2 main ways to get your Medicare coverage — Original Medicare or a Medicare Advantage Plan (like an HMO or PPO). Some people get additional coverage for prescription drug coverage and supplemental insurance. Allow a certified Medicare specialist from The Coleman Agency to help you know the options available to you.