Medicare & You What You Need To Know When Turning 65
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Medicare & You When turning 65
Medicare begins at 65!
1. Sign up for Medicare through Social Security
If you’re over 65 (or turning 65 in the next 3 months) and not already getting benefits from Social Security, you need to sign up to get Medicare Part A (Hospital Insurance) and Part B (Medical Insurance).
You won’t get Medicare automatically if you are not already getting social security.
We have a link on our website
When is Medicare Automatic?
If you already get benefits from Social Security, you’ll get Medicare Part A and Part B automatically when you’re first eligible and don’t need to sign up. Medicare will send you a “Welcome to Medicare” packet 3 months before you turn 65. You’ll still have other important deadlines and actions to take, so read all of the materials in the packet.
(If you live in Puerto Rico, you’ll only get Part A. If you want Part B, you need to sign up for it.)
Full Benefit Age
Your FRA depends on your year of birth, and if you’re turning 65 in 2020, it means your FRA is 66 and two months. As such, you’ll reduce your monthly benefit by roughly 7.8% if you file for Social Security at 65 versus waiting another 14 months.
Keep in mind that while Medicare and Social Security are related programs, you’re allowed to sign up for one without the other. If you wind up enrolling in Medicare in time for your 65th birthday, you can still hold off on claiming Social Security. If you do so, you’ll need to pay your monthly Medicare premiums yourself as opposed to having them deducted from your Social Security benefits, which happens automatically once you start collecting them. But a touch of inconvenience is worth avoiding a reduction in benefits if you don’t need that Social Security income right away.
2. Choose your coverage
People get Medicare coverage in different ways.
You’ll get lots of information to help you make a decision about how to get your Medicare coverage:
An official “Welcome to Medicare” packet with important information about your coverage options.
Your official “Medicare & You” handbook once you’re enrolled and every year each fall.
Mail from private insurance companies, agents and brokers, marketing the Medicare plans they offer and our website.
Original Medicare – Includes Part A and Part B. You can use any doctor or hospital that takes Medicare, anywhere in the U.S.
If you want drug coverage, you can join a separate Medicare Prescription Drug Plan (Part D) .To help pay your out-of-pocket costs in Original Medicare (like your 20% coinsurance), you can also shop for and buy supplemental coverage like a Medicare Supplement Insurance (Medigap) policy to cover the 20%.
If you don’t get Part D or a Medigap policy when you’re first eligible, you may have to pay more to get this coverage later. For Part D, this could mean a lifetime premium penalty.
All In One Plan
Medicare Advantage – Is nn “all in one” alternative to Original Medicare.
These “bundled” plans include Part A, Part B, and usually Part D. Most plans offer extra benefits that Original Medicare doesn’t cover – like vision, hearing, dental, and more.
Plans may have lower out-of-pocket costs than Original Medicare.
In most cases, you’ll need to use doctors who are in the plan’s network.
Medicare Advantage Plans
Medicare Advantage Plans are a type of Medicare health plan offered by a private company that contracts with Medicare to provide all your Part A and Part B benefits. Most Medicare Advantage Plans also offer prescription drug coverage. If you’re enrolled in a Medicare Advantage Plan, most Medicare services are covered through the plan. Your Medicare services aren’t paid for by Original Medicare. Below are the most common types of Medicare Advantage Plans.
Health Maintenance Organization (HMO) Plans
Preferred Provider Organization (PPO) Plans
Private Fee-for-Service (PFFS) Plans
Special Needs Plans (SNPs)
Medicare To Do List
Create a secure personal account to access your Medicare information anytime and have a more personalized experience.
With your account, you can:
Print an official copy of your Medicare card
Access and share your electronic health information
Pay your Medicare premiums online
View your Original Medicare claims as soon as they’re processed
Find plans in your area and create a list of your drugs.
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