About 64 million Americans currently have Medicare, and the cost of the program exceeded 4% of the total US household income in 2020. Every day the number of children from birth to age 65. When you turn 65 you are eligible for Medicare, a. a term often referred to as “aging into Medicare”. If this is or will soon be, be it you or someone you know, here are our top 6 things you need to know to sign up for Medicare.
1. Do I Have to Enroll in Medicare If I’m Still Working?
You can sign up for Medicare after you turn 65, even if you’re still working. Doing so can save you time and money in the future. There are penalties for not enrolling in Medicare when you are eligible. Be sure to talk to your Bancorp Agent about your options to avoid these penalties based on your retirement plan.
2. Understanding Medicare Benefits
Medicare has three parts. Part A covers hospitalization and hospital-related charges. Part B is for Medical Travel. Part D is for Drug Description. Click here to view Medicare coverage.
3. How to Apply for Medicare
To receive Medicare benefits, you must enroll during the applicable Medicare Enrollment Period. There are four main ways to get enrolled in Medicare where you can enroll for the first time or review and change your current plan. Let’s find a way.
Initial Registration Period
The First Medicare enrollment period is also called, Aging into Medicare. This period is controlled three months before you turn 65, the month of your birth and three months after your birth.
This is the best time to enroll in Medicare because you will avoid penalties that can be applied if you wait and enroll even six months or a year.
For your first Medicare enrollment you can schedule an appointment with your Medicare agent at The Bancorp and review the different benefits and parts of Medicare to help you choose the right plan for your needs and budget for next year.
Note: If you are already receiving Social Security Disability, you will be enrolled in Medicare after you have been disabled for 24 months. You are eligible to change plans at First Enrollment Period or your 65th birthday without enrollment.
Annual Registration Period
The Annual Medicare Enrollment Period takes place every year from October 15 to December 7. During this time, you can enroll in Medicare for the first time or you can change or change your existing Medicare plan.
It’s a good idea to schedule an annual checkup with your Bancorp Medicare Agent since your plans and needs may change each year. There is no out-of-pocket cost for an annual review or any changes you need.
If you are new to the area or just looking for a Medicare Agent, you are always welcome at The Bancorp.
Regular & Special Enrollment
The Full Registration Period is for those who did not register during the Initial Registration Period. The Full Enrollment Period runs from January 1st to March 31st of each year. If you apply during this time, your coverage will not be effective until July 1st of that year.
The Special Enrollment Period is for those who move outside of the workplace they are currently enrolled in, or if the plan provider cancels the plan. If you qualify for one of these special conditions then you are eligible to enroll in Medicare or choose a new Medicare Advantage, Supplemental or Prescription Drug Plan.
4. See Options for Opportunities in Medicare
Medicare has opportunities, you can save a lot of money if you buy a Medicare Supplement Plan after you turn 65. You have a window of 7 months, 3 months before your 65th birthday, your birthday, and 3 months after your 65th birthday to sign up.
Note: There are many Medicare Plans available. Some areas offer low or $0 plans. These plans are also subject to change each year. It is recommended that you speak with a Bancorp Medicare Agent when considering a Medicare Supplement to see which plans may be best for you.
5. Understand Your Rights During Annual Medicare Enrollment
During the Medicare Annual Enrollment Period, you can switch to a Medicare Advantage Plan or Prescription Drug Plan. Although this change is not necessary – it can save you money. Both are future out-of-pocket expenses and annual out-of-pocket expenses.
At AEP you can:
- Switch from Medicare Advantage back to Original Medicare
- Do not enroll in Original Medicare and enroll in Medicare Advantage
- Switching from one Medicare Advantage plan to another
- Change or write a Part D plan
6. Ask for Help!
Don’t know what to do? This is what our supporters are here for. You can ask to meet in person, online or by phone on a day or time that is convenient for you to discuss your needs.
Bancorp insurance agents are available to provide free quotes and consultations. Contact Us – Bancorp Insurance Call 800-452-6826
Disclaimer: This information is provided for informational purposes only and is not intended to be used as a substitute for contacting our sponsors.