Turning 65
New to Medicare? No Worries
We Have What You Need to Know to Get Started Properly!
There are some important dates coming up. They include:
- Your date of eligibility for Medicare (your start of IEP)
- Your birthday (YAY!)
- How long you have to change your mind if you made a mistake (the end of your IEP).
Let’s look at each one.
Your Eligibility Date: the start of your IEP
This is the time to start making some key decisions:
Or, will I enroll in Medicare Part C (known as Medicare Advantage), which includes all the above and may have additional benefits, like dental, vision, hearing and others for no additional cost other than the $206.50 Part B cost deducted from my social security check (some plans may have a premium)?
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Medicare, Medicare Advantage & Medicare Supplement Plans
What Penalties Can I Incur?
Great question! It all depends on your circumstances. Let’s look at a few scenarios.
I still receive health insurance through an employer or a spouse’s employment that is group health.
If you still receive your health benefits from another source (group insurance from an employer with 20 or more employees), then you don’t have to enroll. However, since Part A is premium-free (if you’ve worked 40 quarters/10 years, paying FICA taxes), enrolling for Medicare Part A is smart. Moreover, if you enroll for both Parts A and B, Medicare will pay first, and your other coverage will pay second. However, you can wait on Parts B and D until you lose the creditable health insurance coverage and creditable prescription drug coverage due to retirement or other conditions.
Once your coverage ends, you must enroll in Medicare Part B within 8 months to avoid the penalty, and Part D within 63 days of losing your creditable prescription coverage.
If you have health insurance that IS NOT group health coverage or the group is fewer than 20 beneficiaries, then you need to enroll in Parts A and B during your IEP. As above, Medicare will pay first and your other insurance will pay second.
