What Happens at 65 with Medicare
Understanding Medicare Parts
As you approach age 65, it's important to understand the different parts of Medicare. This health insurance program is divided into several parts, each covering specific services:
Medicare Part A: Covers hospital stays, skilled nursing facility care, and some home health care.
Medicare Part B: Covers outpatient care, doctor visits, and preventive services.
Medicare Part C: Also known as Medicare Advantage, these plans are offered by private companies and include Parts A and B.
Medicare Part D: Covers prescription drugs.
When to Sign Up for Medicare
You can sign up for Medicare during your Initial Enrollment Period, which starts three months before the month you turn 65 and ends three months after. This is your first chance to enroll in Medicare Parts A and B. If you fail to sign up during this time, you may face a penalty and have to wait for the General Enrollment Period, which runs from January 1 to March 31 each year.
Turning 65 and Still Working
If you're still working at 65 and have health insurance through your employer, you might wonder if you need to sign up for Medicare. The good news is you may qualify for a Special Enrollment Period, allowing you to enroll in Medicare without penalty after you stop working or lose employer coverage. However, if your employer has fewer than 20 employees, you may need to enroll in Medicare when you turn 65.
How to Apply for Medicare
If you're receiving Social Security benefits, you'll be automatically enrolled in Medicare Parts A and B. If not, you'll need to apply for Medicare. You can do this by visiting your local Social Security office, calling the Social Security Administration, or applying online. Remember, applying early, even months before your 65th birthday, can help ensure you receive your Medicare card on time.
Exploring Medicare Advantage Plans
Medicare Advantage Plans, or Medicare Part C, are an alternative to Original Medicare. These plans are offered by private insurance companies and often include additional benefits like vision, dental, and prescription drug coverage. If you're considering a Medicare Advantage Plan, it's important to compare the options available in your area to find one that suits your healthcare needs and budget.
Receiving Your Medicare Card
Once you enroll in Medicare, you will receive your Medicare card, which shows your Medicare number and the parts of Medicare you're enrolled in. Keep this card safe, as you'll need it to access your Medicare benefits. If you have questions about your coverage or need to make changes, contact Medicare or your plan provider directly.
Medicare Enrollment: Key Considerations
During the Medicare enrollment process, consider the following:
Whether you need additional coverage beyond Original Medicare
The cost of premiums, deductibles, and out-of-pocket expenses
Your prescription drug needs and whether Part D is necessary
Whether you're eligible for programs that help with Medicare costs
We're Here to Help
Enrolling in Medicare can feel overwhelming, but you don't have to do it alone. At Virginia Insurance Advisors, we're here to help you understand your options and choose the best plan for your needs. Call us today at (804) 613-6153 to speak with one of our knowledgeable advisors. Let us guide you through the Medicare process and ensure you have the coverage you need at age 65 and beyond.
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