Medicare is one of the most important social programs in the United States. It provides healthcare coverage for seniors. However, many people are unsure whether they need to enroll in Medicare at 65. In this blog post, I will answer that question and provide some information about Medicare eligibility.
At Senior Insurance Solutions, I am here to be a professional and knowledgeable resource for all-things Medicare. As a licensed Medicare insurance agent, I want to be a resource for you as you navigate enrolling in your healthcare plan. My goal is to help you choose a Medicare plan that is within your budget and meets your healthcare and prescription needs. One question I have heard from my clients is, “Do you have to enroll in Medicare at 65?”
I am here to provide more insight — keep reading to learn more!
Do I Need to Sign Up for Medicare at 65?
The answer to this question is, in short, no. You are not required to enroll in Medicare at 65. However, you may want to consider enrolling because of the benefits that Medicare provides.
For example, if you are already receiving social security benefits, you will be automatically enrolled in Part A and Part B of Medicare (also known as Original Medicare). If you are not receiving social security benefits, you can still sign up for Original Medicare during your Initial Enrollment Period (IEP).
Your IEP begins three months before the month you turn 65 and ends three months after the month you turn 65. During this time, you can sign up for Part A and/or Part B of Medicare. If you decide not to enroll in Medicare during your IEP, you may have to pay a late enrollment penalty if you decide to sign up for Medicare later.
What is Medicare Part A?
Part A is hospital insurance. It covers inpatient care in hospitals, skilled nursing facilities, hospice care, and home health care.
If you are not already receiving social security benefits when you turn 65, you can sign up for Part A during your IEP without having to pay a premium. However, if you wait to enroll after your IEP, you may have to pay a late enrollment penalty.
What is Medicare Part B?
Part B is medical insurance. It covers outpatient care, preventive services, durable medical equipment, and some home health care.
Most people have to pay a monthly premium for Part B coverage. The standard monthly premium for 2020 is $144.60. You may also have to pay a higher premium if your income is above a certain level.
What Are the Different Parts of Medicare?
In addition to Part A and Part B, there are two other parts of Medicare:
- Part C (Medicare Advantage)
- Part D (prescription drug coverage)
You can enroll in Part C and Part D during your IEP or during the Annual Election Period (AEP).
The Annual Election Period is October 15 – December. During this time, you can:
- Enroll in or change your Part C (Medicare Advantage) plan
- Enroll in or change your Part D (prescription drug) coverage
- Disenroll from your Part C (Medicare Advantage) plan and return to Original Medicare
- Switch from one Part C (Medicare Advantage) plan to another
- Switch from one Part D (prescription drug) plan to another
Do I Need to Enroll in Medicare if I Am Still Working?
If you are still working and have health insurance through your employer, you may not need to enroll in Medicare. However, you should still sign up for Medicare Part A during your IEP because it is free.
You can delay enrolling in Part B until you retire. If you do not enroll in Part B when you are first eligible, you may have to pay a late enrollment penalty if you decide to sign up for Medicare later.
How Do I Sign Up for Medicare?
If you are already receiving social security benefits, you will be automatically enrolled in Part A and Part B of Medicare. If you are not receiving social security benefits, you can sign up for Medicare online, by calling the Social Security Administration, visiting your local Social Security office, or working with a licensed Medicare insurance agent.
Sign Up for Medicare with Senior Insurance Solutions
Knowing whether you need to enroll in Medicare is one question that you may have when you turn 65. At Senior Insurance Solutions, I am here to make the Medicare enrollment process easy. I can help you understand your coverage options and make sure that you enroll in the right plan for your needs.
To learn more about whether you need to enroll in Medicare, or if you have further questions about your healthcare plan, I am here to help. Contact Senior Insurance Solutions at 719-440-4242, or contact me online to get started!
