Is Medicare Driving You Crazy?

Is Medicare Driving You Crazy?

Written by Bonnie Dobbs Senior Health Benefits Consultant

You are finally eligible and have no idea what to do. Should you enroll immediately, or should you wait since you still have health care coverage from your or your spouse’s employer? You are being bombarded by phone calls, mail, emails, Facebook, advice from family and friends, and let’s not forget about the famous Joe Namath Medicare ads on TV. To say you are overwhelmed is probably an understatement. Where do you go to find the correct information? Who can you trust?

Start Your Search With A Medicare Insurance Broker.

A broker works with multiple carriers and can provide pertinent information to help you understand when and how to enroll. Brokers are knowledgeable about the plans available in your service area. They can give you valuable advice and help you through the enrollment process from start to finish. Best of all, a broker’s services are FREE! The insurance company pays them a commission when they enroll you, so you incur no expense and have the benefit of their knowledge. Now that’s a good deal for you!

When Should You Enroll In Medicare?

That seems to be the 64-million-dollar question. You may have been told you MUST enroll when you turn 65 or be penalized. Actually, that depends on your or your spouse’s job situation. If you or your spouse work for a company that has 20 or more employees who are on their company’s insurance plan, you may be able to delay enrolling in Medicare. To make a good financial decision about this, contact a broker who can compare the employer’s coverage with individual plans available in your service area. You will need two pieces of information before contacting a broker. The first is the amount of your monthly premium for you as an individual on the employer’s plan, and the second is what is the annual deductible on that plan. With this information, a good broker can determine your options quickly.

So Now You Are Turning 65. What Is Next?

Part A is automatic if you have worked for 10 years, equivalent to 40 quarters. You have self-funded Part A and there is no additional premium required. If you are turning 65, and you or your spouse’s employer does not have 20 or more employees on the company health insurance plan, or you don’t have employer coverage, you must enroll in both Part B and Part D of Medicare. There is a seven-month window to enroll. This window includes the three months prior to the month of your birthday, the month of your birthday, and the three months following that month.

Suppose You Want To Work Past 65. Then What Should You Do?

The good news is if your or your spouse’s employer has 20 or more employees under the company health plan, that company has what Medicare considers creditable coverage, meaning you can remain on the company plan and delay enrolling in Medicare. This may be the best decision if your spouse is much younger than you and/or you have children or other dependents. Again, you should have a qualified broker do a comparative analysis on your current plan versus an individual plan. If the analysis reveals Medicare offers more benefits and less out of pocket costs, the broker can help you make the transition to Medicare. If the company has less than 20 employees on a company insurance plan, contact a broker two or three months prior to turning 65, and they will help you through the enrollment process. It is important to understand that once you lose employer coverage, you only have 63 days to enroll in Part D.

Who Else May Be Medicare Eligible?

If you are under 65 and have been on disability for 24 months, you are deemed Medicare eligible. Contact a broker who can research all the plans available in your service area and help you make an educated decision.

For more info bonniedobbs@gmail.com or 770-373-7541

Bonnie Dobbs is a sought-after speaker, writer, and educator on Medicare. The AJC chose her to be the Medicare Expert on all their Aging in Atlanta panel discussions. Bonnie is a broker contracted with multiple insurance carriers and has a team of agents licensed in Georgia and several other states.

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