Preparing for Medicare Enrollment

When you turn 65, you are immediately immersed into the world of Medicare. If you are already receiving Social Security benefits at age 65, you are automatically enrolled in Medicare Part A and B. If you are not yet receiving Social Security benefits, you will need to manually sign up for your Medicare benefits. While this may sound simple enough, there are a number of nuances you need to consider when preparing for enrollment. Here are some issues to keep in mind when reviewing all your Medicare enrollment information.

You are eligible for Medicare the first day of the month you turn 65. If your birthday is on the first of the month, your Medicare Part A and Part B will be effective on the first day of the previous month. For example, if your 65th birthday is September 1, 2013, your benefit effective date would be August 1, 2013. If you are under age 65 and disabled, you automatically get Medicare Part A if you are receiving disability benefits from Social Security. You will receive your Medicare card in the mail three months before your 65th birthday or your 25th month of disability.

If you are not yet receiving Social Security benefits and need to sign up for Medicare Part A and/or Part B manually, there are a few important dates to keep in mind. You have a seven-month window to sign up for Medicare initially. That time period begins three months before your 65th birthday, it includes the month of your birthday, and an additional three months after you turn 65. If you miss your Initial Enrollment Period, you can still use the General Enrollment period, which runs from January 1 to March 31 each year. Your coverage will begin on July 1 and you may have to pay a higher premium due to your late enrollment. If there is a change in your status, you may be eligible for the Special Enrollment Period. This can include if you are currently working and covered by a group health plan and your coverage ends. There is also a Special Enrollment Period for International Volunteers if you are serving as a volunteer overseas.

The Annual Election Period, also known commonly as Open Enrollment, runs from October 7 to December 15. This is the time frame where you can make adjustments to your Medicare coverage as you deem necessary. Even if you do not plan to make any changes, it is always a good idea to review your coverage and make sure all your elections still make sense for your situation.

In addition to Medicare Part A and Part B, you can also sign up for Part C, which is similar to an HMO or PPO, and Part D, which is for prescription drug coverage. These two Medicare options have different sign up periods from Part A and Part B with different guidelines.

Needless to say, signing up, and understanding all the options, for Medicare can be quite overwhelming. Many look for guidance from a professional who understands all the different factors that are involved in making the best decisions when it comes to Medicare program selections.  You can compare Medicare plans on sites like Joppel, which offers a needs assessment tool to evaluate plans, side-by-side, based on premium, deductible, out-of-pocket costs, and CMS (Centers for Medicare & Medicaid Services) “star” ratings. Whether you are making your initial selections or need guidance reviewing your current coverage, it is best to seek professional guidance so you feel secure with your Medicare decisions.