So, you’ve already started getting some of the pamphlets and phone calls from Medicare as well as Medicare Supplement Insurance Providers, but you’re still not quite sure how the whole process works?
Here are a few questions and answers that should help shed some light on the time frame and steps to the entire process.
When do I enroll in Medicare?
There is a 7 month time period in which you can initially enroll in Medicare Part A and/or Part B. That is 3 months before your birthday month and 3 months after your birthday month. If you miss your enrollment there is a general enrollment period Jan. 1st-Mar. 31st where if you enroll during this time your coverage will not being until July 1st. Please do understand that there is a late enrollment penalty and you could potentially end up paying higher premiums.
Now, how do I go about enrolling?
Well, we have some good news here. If you are already receiving your Social Security payments then you will be automatically signed up for Medicare Part A. Easy Peasy. However, if you are not receiving the Social Security payments then you will need to go and enroll manually during this 7 month period. There are 3 ways to enroll manually:
So what if I am covered by an employer’s plan?
That’s great! You will qualify for a Special Enrollment Period in which you can enroll in Medicare without a penalty after you have initially qualified. You can enroll anytime while you have group health coverage and then for 8 months after you lose your group health coverage or you stop working (whichever one comes first).
Should I also enroll in Medicare while I am still working?
In most circumstances, you should at least take Part A, which for most people is free. To determine whether or not you should get Part B as well you need to talk with your HR department to find out exactly how your insurance will work with Medicare. For many people, it will work differently than it did before you qualified for Medicare. You will also need to decide if you want your employer’s insurance to act as your primary or secondary to Medicare.
Do I need to purchase Medigap insurance (a Medicare Supplement Plan)?
If you are still working and covered by a group plan then the simple answer is no. Especially if you are considering, or planning on, enrolling in Medicare in addition to your group plan.
For those of you who are not covered by a group plan and are already enrolled in Part A and Part B, I would say it is a good choice. Medigap covers the gaps in your Medicare coverage and can save you money. Just make sure when you are starting to look you do your research and know what each plan entails. If you want to save some time and frustration enlist the help of a broker who can help you purchase a policy.
Hopefully, this has helped answer some of your questions while breaking down the process of enrolling in Medicare.
If you have any further questions or would like some help please visit CarolinaAdvisors.com or call 843-602-9584.
