Turning 65 typically means you’re eligible for Medicare. This includes both Part A & B. This federal program provides hospital insurance and some medical insurance to older Americans. Adler Insurance explains some of your additional options in Prescott:- Medicare Part C, also called Medicare Advantage. These plans are available from private insurance companies and must offer the same benefits as Part A & B, but may add more coverage like vision, dental, or prescription drug benefits. It is imperative that you know which private insurance companies are being used in your local area. You don’t want to sign up for a plan only to find out there aren’t any doctors in town accepting that insurance coverage.
- Stand-alone Medicare Part D prescription drug plan. You can add this to your original Medicare to receive prescription medication coverage.
- Medicare Supplement insurance (known as Medigap) is also available to add to your Medicare coverage and help cover the “gaps” in original Medicare.
First-time Medicare beneficiaries have what is called an Initial Enrollment Period. This period starts three months before your 65th birthday and extends three months afterwards. It’s important to enroll during this time. If you do not enroll during the Initial Enrollment Period, you may incur late fees or have to wait until the General Enrollment Period which is between January 1st to March 31st of the following year. Your coverage would then begin in July of that year.
If you or your spouse are still working when you turn 65 and you have health insurance through this employer, you might consider delaying enrollment in Part B. You may not wish to pay the Part B premium if you don’t need the coverage. Contact your current employer’s benefits department to see if your employers’ health coverage is sufficient and find out how it might work with Medicare Part B before making a decision. Call us if you need some help with your decision.
When your employer coverage ends, you will be provided with a Special Enrollment Period that lasts eight months to sign up for Medicare Part B without incurring a penalty.
We encourage you to call us and talk further about your individual Medicare needs in Prescott. Jessie and Dina Adler at Adler Insurance would love to assist you in making good Medicare decisions. Please don’t hesitate to call 928-710-1455 or visit our website at http://www.AdlerLifeHealth.com today!
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