How to Sign Up for Medicare

Medicare is the health insurance program for people age 65 and older. You are eligible to enroll if you are soon turning 65, have recently turned 65, or are almost 65 and meet certain conditions. When enrolling in Medicare, you will have the options of:

• Medicare Part A, covering hospitalization, home or skilled nursing, and hospice services
• Medicare Part B, covering standard, medically necessary services to diagnose and treat a medical condition, and preventative services
• Medicare Part D, covering prescription medications
• Extra Fee-For-Service Benefits

You also have the option of signing up for Medicare Part C, also known as Medicare advantage or MA, which will most often come with each part Medicare offers, and even bundles some extra benefits. We will touch more on Medicare Part C later.

Signing up for Medicare

Generally speaking, you’ll sign up for Medicare Part A and Part B through social security, so you can make both retirement and Medicare choices and withhold any premiums from your benefit payments. When you sign up for Medicare, you can enroll for Parts A and B, or you can enroll in just Part A. If you still have insurance coverage through an employer group health plan, you can choose to delay signing up for Medicare Part B.

You can apply for Medicare through Social Security during the initial enrollment period, which begins 3 months before you turn 65 and lasts through 3 months after you have turned 65. Be sure not to miss this enrollment period however, as you will face a monetary penalty for being late. Additionally, if you sign up to receive Social Security retirement benefits between the age of 62 and up to 4 months before turning 65, you will be automatically enrolled in Medicare Parts A and B. If you are still working when you turn 65, and are not yet ready to enroll for Social Security benefits, you can apply for Medicare only.

If you are not yet 65, but are receiving Social Security disability benefits, you will be automatically enrolled in Medicare Parts A and B after 24 months. However, if you have Lou Gehrig’s Disease (ALS), you will be enrolled in Medicare Parts A and B immediately when you enroll in Social Security disability benefits. You can also enroll in Medicare if you have End-Stage Renal Disease (ESRD), no matter how old you are, if you meet the requirements outlined by Medicare.

Costs of Medicare

What you pay for Medicare will largely depend on the amount of coverage you enroll for and the services you receive in health care throughout the year. Some of the things that you may be required to pay for include:

• Premiums. Your monthly premium is a fee you pay monthly for your plan. It is possible to have a $0 premium, but could also range upwards of $200
• Co-payments. This is a fixed amount you pay for a specific service or benefit. For example, a doctors visit could have a $35 co-pay, meaning when you make a trip to the doctors office, that amount will be required.
• Co-insurance. This is a percentage amount that you would pay for a specific service or benefit. For example, your prescription drugs could have a 20% co-insurance, meaning that you would have to pay 20% of the cost for the medicine.
• Deductibles. This is the amount that you are required to pay before insurance begins to cover your healthcare. Deductibles can range in amounts, but typically, the lower, the better.

Signing Up for Medicare Advantage

When signing up for Medicare, you can also shop and compare plans offered by private companies called Medicare Advantage Plans. Enrolling for Medicare Advantage usually means you get Medicare Parts A and B, similar to Original Medicare, but also often includes Medicare Part D and other extra benefits. You need both Medicare Parts A and B in order to sign up for an Advantage Plan. You can read more about the benefits of Medicare Advantage HERE. Fill out the form HERE or give us a call to start comparing plans!

We want you to make the most informed decision possible when the time comes, so use the tips above or reach out to one of our licensed experts to get a head start on Medicare basics.