It is important to be proactive and plan in order to avoid hasty decision-making, stress, and costly mistakes as you become eligible for Medicare. Each person’s situation is unique. Signing up for Medicare at age 65 will depend on whether you are retired, still working, or covered by a spouse’s employer plan.
My recommendation is for you to reach out to me at least twelve months before you turn 65 so I can help make sure you sign up during your personal enrollment window. I have met individuals who missed their initial enrollment window and consequently had to wait eight months before they were covered by Original Medicare. That’s a long time to go uninsured.
By signing up late, you may end up with a lifetime penalty, an amount that’s in addition to your Part B and Part D monthly premiums. Quite possibly the worst thing that can happen to a person who signs up late for Medicare is missing their opportunity for a “guaranteed issue Medicare Supplement.” That means you may be denied coverage if you have a pre-existing health condition. Medicare Supplements plans function very differently than Medicare Advantage plans. If you do not know the difference between the two or you are concerned and have questions, please give me a call today.
Every year the open enrollment period for Medicare begins on October 5th and runs through December 7th. Because Medicare plans can change coverage each year and because your health situation may change, you should spend some time to ensure that your health insurance coverage still meets your needs. Although this is a great time for individuals to review their plans, it’s also difficult to make a good Medicare decision because of all the information flying at you from all different angles: Family, friends, neighbors, colleagues, the human resource department, conflicting advice from the Social Security Administration, postcards, Joe Namath on TV pitching Medicare plans, the incessant robo-calls and more! Whether you are a Medicare “do-ityourselfer” or someone who would appreciate a simple explanation on all things Medicare, I encourage you to spend 15 minutes with me on a call. I guarantee this will be time well spent as you will have a peace of mind in knowing you receive objective, unbiased information so that you can make a well-informed decision.
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