Age 65 is a critical transition time for health care coverage. Three months leading up to your birthday, and three months following your birth month you are eligible to enroll for Medicare coverage. This means you have a seven month window to apply for healthcare around you 65th birthday. If you decide not to register during this period there are consequences. If your don’t enroll during this first window, you will have a 10% increase to your Part B premiums for every year-long period you are eligible for coverage.
Are you still receiving health insurance from your employer?
If you have health insurance through your employer, and your company employs more than 20 people, then you won’t have to enroll in Medicare right when you turn 65, though most choose to anyway as you most likely paid medicare taxes while you were working and do not need to pay a monthly premium for Part A coverage (often called “hospital insurance”). If you use a Health Savings Account, or HSA, you may want to wait to enroll.
While most people do not pay premiums for Part A, everyone pays a monthly premium for Part B. Medicare Part B is often called “Medical Insurance” and covers services like doctor’s visits, medical equipment, outpatient care, and home health services. You will have to help pay for these services at some point so it behooves you to find out which way will save you the most money.
Do you have a trusted local insurance broker?
Having an advocate during this confusing transition is integral for saving you the most money while making sure all your insurance needs are covered. A local agent will know far more about your regions options and local doctors than a big national chain. Stacey Johnson and the trusted agents at Your Insurance Gal Agency have been in the industry for over a decade and are happy to help anyone looking for Medicare insurance in Southern Washington and Northern Oregon. Stacey and her team are here to help you sort through the confusion of junk mail, robo calls, social media ads and other fraudulent marketing claiming to have the answers surrounding Medicare. If you’re turning 65 and looking for a trusted local broker, this Vancouver agent is happy to help.