If you’re confused about how Medicare works and what to do first when considering enrolling, you’re not alone in this. It’s a process and below are some guidelines to get you started:
- Contact your local Social Security office to schedule an appointment to determine your eligibility. The timing of when to enroll in Medicare parts A and B are specific depending on your circumstances. For example, whether you are still working, or retired, or under 65, these and other factors may impact your decision, and a Social Security advisor can help you determine the timing to enroll. Be sure to take notes at your appointment including the name of the individual you spoke with; ask the advisor to give you a printed copy of any instructions or advisement and keep this for your records. If you know when you want your Medicare to be effective you may enroll online by going to www.socialsecurity.gov.
- Once you have Medicare parts A and B, to avoid paying a penalty you will also need to either have creditable drug coverage, or enroll in a Medicare Drug Plan also known as Medicare Part D. If you do not have creditable coverage for more than 63 days, then the penalty is 1% per month of the standard Medicare Drug Plan for every month you do not have creditable drug coverage. This amount will then be added to your Part D premium if you enroll when/if you do decide to enroll in Part D later. There are part D Plans with and without a deductible, and you can enroll in a “stand-alone” plan, or through some Medicare Advantage plans having this type of coverage.
- Once you have Medicare parts A and B you may also want to check into Medi-gap coverage, also known as a Medicare Supplement. These plans are designed by the Federal Government and are offered through private insurance companies. The plan designs are the same no matter which insurance carrier you choose to enroll with, however, the rates and add-on benefits, such as gym membership, discounts for hearing, or other values may be added, so it’s a good idea to work with an Agent to help you navigate and compare these policies.