About Medicare
Medicare Tips for Boomers Turning 65
Here are a few things you should know when it comes to Medicare:
- There is a 7-month window for you to enroll in Medicare Part A and Part B (Original Medicare).
The window begins 3 months before you turn 65, includes the month you turn 65, and lasts up to 3 months after. This is called your Initial Election Period.
- You may not have to sign up for Medicare right now.
Many people receive Part A premium-free if they or their spouse worked and paid taxes.
Part B has a monthly premium, however if you have insurance from an employer or another credible source you may be able to delay Part B. Speak with a human resources or your benefits administrator to find out if you can delay going on Medicare Part B.
- There are essentially two different options for Medicare health coverage.
Option 1: Part A and Part B with a stand-alone drug plan (Part D) and a Medigap (Medicare Supplement).
Option 2: Medicare Advantage plan (Part C). These plans replace Part A and B to offer hospital, medical and prescription coverage (Part D) under one plan.
- Medicare Advantage Plans typically have lower monthly premiums, but you will be responsible for copays, coinsurance, and deductibles as you use the plan.
These plans also operate off a network like an HMO or PPO and enrollment is restricted to your service area where you live.
If you have an Advantage plan and you move out of the plan’s service area, you will need to choose a new plan in your new area.
Benefits vary from plan to plan across the country. Many Advantage Plans offer additional benefits like Part D, Dental, Vision and Hearing.
- Medigap plans work with your Original Medicare to help fill in the gaps for what Part A and B do not cover.
The premium for these plans will vary depending on where you live but they are portable so you will not need to change plans if you move out of the area.
You will typically have less out of pocket expenses with this option, but drug coverage is not included. You may pick up a separate prescription drug plan in addition to the Medigap plan.
Medigap plans do not have a network, so you can use the plan at any provider/facility who accepts Original Medicare throughout the United States and its territories.
- Regardless of whether you choose a Medicare Advantage Plan or Medigap Plan, you will still be responsible for paying your Medicare Part B Premium.
If you have questions, please contact us. Our dedicated licensed agents are happy to assist you. Call 1-855-611-4856.
