Medicare Questions & Answers: Turning 65
Turning 65 Q&A
Showing 10 questions
I'm turning 65 next month; what are the first steps I should take regarding Medicare enrollment?
First, file for Medicare Part A and Part B if you’re no longer on a company group insurance plan and continue to work past 65. If you are not on a group plan past 65 that Medicare recognizes, you must file for Medicare Part D if you don’t go with the Medicare Part C Advantage plan with built-in Medicare Part D drugs. Confusing? Contact an agent, and they should be able to explain these in detail.
Will I be penalized if I do not enroll in Medicare when I turn 65?
Yes, you may be penalized in two ways or reasons. If you don't have credible health insurance coverage, you will be punished for not having Part B once you turn 65; this is called the Part B enrollment penalty, applicable if you don't have credible health insurance in place. Second, you will be penalized if you don't have credible health insurance with prescription drug coverage in place by the time you qualify for Medicare. You must pay these penalties each month for the rest of your life.
If a senior is turning 65 but still working, should they enroll in Medicare or delay it?
If you have employer-based health insurance through your or a spouse's current employment, where there are more than 20 employees, and you're happy with the costs, such as monthly deductions/premiums and coverage, like potential out-of-pocket costs, you can delay Medicare enrollment without accruing penalties. If this is you, it's best to schedule a quick call so we can discuss your situation. ChadI'm turning 65 soon, when can I enroll in Medicare?
You are guaranteed coverage with no underwriting evaluations starting three months before your 65th birthday month and continuing for three months after that month. I always advise people to start thinking about their Medicare coverage at least six months before they turn 65.
I'm planning to delay Social Security until age 70, but I'm turning 65 soon. How does this affect my Medicare enrollment?
You can still enroll at 65. You will need to do this from the SSA website or by visitin your SSA office.If you don't enroll at 65 and don't have coverage through a group plan you will be penalized 1% per month for each month you don't have coverage.
You will be billed by Medicare for your part B premium 3 months at a time.
