First of all, let’s back it up! Do you even need to sign up for Medicare? Many folks turning 65 have reached out to me in somewhat of panic, saying they were told they HAD to sign up for Medicare within 3 months of their 65th birthday. They are worried and aren’t sure how to sign up, where to go, and do they need just Part A or will they need Part B and pay a premium. Never fear, CDI is here to clear this up from the beginning of your Medicare benefit window!
Approaching the big 6-5
So, yes, there is a 3-month window prior to your 65th birthday where you can complete the application process for signing up for Medicare. In doing so, your Medicare coverage will begin on the 1st of your birthday month unless your birthday falls on the 1st of the month. In those rare cases, the Medicare eligibility begins the month prior. [Thus, the importance of applying early in the window]
However, most people know Part B of Medicare comes with a monthly premium. So are you going to even use your Medicare coverage?
Working full time or your spouse is
Despite what some think or will tell you, being double covered is not helpful at all. So if you have other ‘creditable’ coverage through an employer and wish to stay on that coverage, you do NOT need to sign up for Medicare at all. And there is no penalty for waiting until down the road as long as your current coverage is considered ‘creditable’. [What does that mean?? See related Blog --https://www.cdi-cares.com/blog/medicare-creditable-coverage-what-does-that-mean-and-why-do-i-care]
Leaving an employer plan or marketplace
So, let’s say we have met and found your Medicare coverage options to be better and a lower cost than your employer coverage OR you are retiring and want to use your Medicare benefit. How and when do you sign up? Ideally, you will apply at the start of your 3-month window. So, for example, you turn 65 on October 12th and you plan to utilize Medicare for your healthcare coverage, you will want to apply beginning in July. The effective date will be October 1st. You can do this online using your ‘My Social Security’ account or call SSA through an 800 number. Some local offices are open to in person walk in appointments, but that is getting rarer these days and a real hassle. At CDI, I have assisted numerous clients with the online application process so feel free to reach out.
What if I draw SS benefits already?
There are some clients that call me and are shocked because they have their new Medicare card already. It came in the mail, and they didn’t even do anything about applying. This happens when you are already drawing Social Security income benefits, whether your own or though a spouse who may be deceased. Those individuals are AUTOMATICALLY enrolled in Medicare when they turn 65. In that case, step 1 is already done, and you can move on to meeting with CDI to add a Supplement or Advantage Plan. Remember that Part B of Medicare comes with a premium, so if you get enrolled automatically and do NOT want to use the Medicare benefit, you will need to contact SSA to decline or ‘reverse’ the Medicare. Do not delay if you need to do this because it will take time to process.
I am still a bit confused
Not to worry, friend. CDI is here to help you through the entire process. We can help from the very beginning even if it takes multiple meetings, in person or virtual. Reach out to us if you would like more information or help navigating these complexities. We will protect you and save you money! Email at carrie@cdi-cares.com or check out www.cdi-cares.com for a contact page and other helpful blogs.
QUOTE OF THE DAY:
“Opportunity does not waste time with those who are unprepared.”
― Idowu Koyenikan, Wealth for All: Living a Life of Success at the Edge of Your Ability