Should You Enroll in Medicare At 65?
Should You Enroll in Medicare at 65?
How to Enroll in Medicare
Do any of these situations apply to you?
If yes, you will know if you should enroll in Medicare at 65.
If you are retired, should you enroll in Medicare at 65?
and you are receiving Social Security Benefits, you don’t have to enroll in Medicare at 65. That is because you will receive your Medicare ID card about a month before you turn 65.
On the other hand, if you are not receiving Social Security Benefits, you will need to enroll in Medicare A and B. If you don’t enroll in Part B, when you are first eligible in your Initial Enrollment Period, you can enroll during the next Special enrollment or General Enrollment Period. If you miss both of these, you will be assessed a late enrollment penalty.
When you are working in a large company. Should you enroll in Medicare at 65?
The company you work for has 20 or more employees, you may choose to keep your employer’s Medical insurance. As a result, you don’t have to enroll in Medicare at 65. What you should do is enroll in Medicare Part A. That is so Part A (Hospital Insurance) will be a supplement, or Secondary Insurnce to your Employer insurance. That means, it will pay if there are costs that your Primary Insurance didn’t cover.
On the other hand, you should compare your costs and benefits for Medicare Part B (Medical Insurance) to see if that is a better option.
On the other hand, working in a small company. Should you enroll in Medicare at 65?
The company you work for has less than 20 employees. If you sign up for Medicare, Medicare A and B will be your Primary Insurance. As a result, your Employer’s plan will be your Secondary Insurance. This means that your Primary Insurance will pay up to the limits of it’s coverage. Your Secondary Insurance only pays if there are costs left over that the Primary didn’t cover.
Ask your Employer if you should sign up for Medicare when you turn 65. If you are married, you may want to enroll in your spouse’s insurance plan.
Other Times you can enroll in Part B. However you may incur a Penalty
Special Enrollment Period (SEP) for losing your Employer Insurance
- If you are leaving your job based health insurance, you will need to know, should you enroll in Medicare at 65.
- If you have had creditable coverage, you won’t be assessed a late enrollment penalty.
- You can enroll while you have the coverage or during 8 months after
- You leave or lose the insurance, whichever comes first.
Special Enrollment Periods (SEPs) for other Circumstances
- There is an emergency or disaster in the area you live in.
- Your employer gave you misinformation about enrolling in Medicare.
- You were released from prison.
- You lost your Medicaid coverage.
- You re affected other exceptional circumstances
General Enrollment Period each year
- This enrollment period occurs between January 1 and March 31 each year. At this time, you can enroll in Medicare Part B.
- Your coverage will start the 1st of the following month after you enroll. For example, if you enroll in January, your coverage will start February 1.
- You may or may not be charged a 10% penalty for enrolling during this period.
