Medicare eligibility starts three months before you turn the age of 65, and the enrollment period lasts till 3 months after your birthday month. Here’s what you need to know about signing up for Medicare for the first time.
Find out If You Can Delay Signing up For Medicare
You may be able to delay enrolling for Medicare Part B, or both Parts A & B, and postpone having to pay Medicare costs if you either still go to work although you are over 65 and have creditable employer coverage, or if you have creditable coverage through your spouse’s employer. In either of these situations, you may be able to delay.
You’ll, however, need to check with the employer’s benefits administrator to know all your options. Keep in mind that there is a penalty if you enroll late for Part B and Part D unless you happen to qualify for a Special Enrollment Period when your organization’s coverage ends.
Check out The Different Ways Through Which You Can Get Medicare Coverage
To receive Medicare coverage, you can either opt for Original Medicare, which is Part A and Part B, or you could choose to get a Medicare Advantage Plan. Medicare Advantage is offered through private insurance companies and usually offers more benefits than Original Medicare.
Decide if You Would Like to Have Coverage for Prescription Drugs, Dental, Vision, and Fitness
Original Medicare does not cover dental, eye health, prescription drugs, fitness, or hearing. In most cases, if you need coverage for these things, you will need to get a Medicare Advantage Plan. If you only want prescription drug coverage, you can sign up for Part D along with your Original Medicare plan.
Work out Your Out-Of-Pocket Expenses
What you pay for Medicare coverage will depend on what type of Medicare plan you choose and what healthcare services you actually use during the year. But, be prepared to pay a premium, deductibles, coinsurance, and copays. It’s a good idea to work out these costs before you choose a certain type of Medicare plan.
