Medicare is a national health insurance program for U.S. citizens and permanent residents who are 65 or older, as well as for younger people with certain disabilities. When people turn 65, they become eligible to apply for Medicare.
If you’re receiving Social Security or specific Railroad Retirement Board benefits, you’ll be automatically enrolled before you turn 65. Others will need to sign up on their own.
Medicare has different parts that cover various expenses, which can make signing up seem complex. Moreover, there are specific enrollment periods, and missing these can lead to late-enrollment penalties.
Understanding how Medicare works, the different parts of it, and what services they cover is essential to choose the best coverage for you.
Social Security and Railroad Retirement Board beneficiaries are automatically enrolled in Medicare Parts A and B when they sign up for retirement benefits. You’ll receive your enrollment information and Medicare card 3-4 months before your 65th birthday. During the initial enrollment period, you can switch to Part C or sign up for Part D if you wish.
If you’re under 65 and receiving disability benefits, you’ll be automatically signed up for Original Medicare after 24 months of disability benefits.
For those not automatically enrolled, you can sign up for Medicare Part A three months before your 65th birthday, during your birthday month, or up to three months afterward. During this time, you can also enroll in Original Medicare or additional coverage.
Before signing up, think about the kind of coverage you need. You can get more information and assistance in choosing a Medicare plan from several resources. Confirm if you were automatically enrolled in Original Medicare and decide if you need Part B or if you’d prefer to wait. Compare all the plans available in your area to find the best options and costs, whether it’s Original Medicare or Advantage plans.
Gather all the necessary documents for enrollment, including your Social Security number, current employer information, date and place of birth, and details of any health insurance plans you have.
Medicare Part D, which covers prescription drugs, is an add-on to Original Medicare and can’t be combined with Part C. You can enroll in Part D online or by contacting private insurance companies that offer Part D plans.
To enroll in Part C, you can use Medicare.gov’s tools or go directly to private insurers.
Be aware of the various enrollment dates and deadlines:
– A seven-month period around your 65th birthday when you can sign up for all parts of Medicare without penalties.
– An open enrollment period from October 15 to December 7, during which you can switch between Original Medicare and Part C, or change Parts D plans.
– A general enrollment period from January 1 to March 31 for those who missed initial enrollment.
– A special enrollment period if you delayed enrolling due to significant life events, like losing employer-provided private health insurance. This period lasts eight months from the end of your initial coverage or employment.
Approaching 65 makes enrolling in Medicare an important task. To make the best decision, gather all the information you can.