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Welcome to the world of Medicare. Turning 65 opens up many options for you concerning your health insurance coverage. Here we will explain the basics of Medicare, how and when to enroll as well as options for coverage.

 

Medicare Basics

Medicare is the federal health insurance program for individuals who meet the following requirements:

  • People who are 65 years old or older

  • Individuals that qualify for Medicare at the 25th month of  a disability

  • People with End-Stage Renal Disease (ESRD)

Original Medicare

Medicare Part A - Hospitalization

Medicare Part A helps cover inpatient hospital services, skilled nursing facilities, home health and hospice care.

 

​Medicare Part B - Outpatient Medical

Medicare Part B helps cover most routine doctor visits (including specialists), outpatient services, mental health and preventive care. It also helps cover laboratory tests, x-rays, clinical research, ambulance services and durable medical equipment.

 

When to enroll in Original Medicare

The best time for you to enroll in Original Medicare (Parts A and B) is during the three months before turning 65. But there are some exceptions depending on your work status and the type of coverage you currently have. The scenarios below will assist you on your options.

Things to know if you’re still working past 65

If you plan to keep working, here are some important things to know about how you might want to use Medicare. These options depend on the size of the company you are working at.

Companies with 21+ Employees

 

Staying on Employer’s Coverage

If you work at a large company, you can keep your employer’s plan even after turning 65. If you like your health plan and it’s affordable, you can wait to receive Medicare benefits until you retire. When you do retire, you will likely be eligible for a Special Enrollment Period.

 

Adding Medicare Coverage

Even though you’re still working with a large company, using parts of Medicare could save you money. Some employer plans cost more to cover things like hospital coverage, prescription drugs, dental, vision, or hearing. Adding Original Medicare and plans, in addition to your employer plan, could keep you covered for these extras at an affordable price even while you still work.

 

Leaving your employer’s plan for Medicare

Sometimes the best option is to take Medicare when you turn 65, even if you’re still working at a big company. You may be able to save money on hospital and medical insurance with Original Medicare, Parts A and B. First, you’ll want to sign up for Original Medicare with the government during the 3 months before your 65th birthday.

 

Companies with 20 or Less Employees

In most cases, switching to Medicare will be your best option. Medicare is designed to help you save money on all your health care needs, so there are lots of good options when you switch. First, you’ll sign up for Original Medicare with the government during the 3 months before your 65th birthday.

 

Self Employed

If you’re self-employed or on an individual plan, chances are you’ll want to get Medicare when you turn 65, even if you’re still working. The good news is it should save you money on your health insurance. Medicare is designed to help. You’ll want to get Original Medicare with the government in the 3 months before you turn 65 to avoid late fees and gaps in your coverage.

 

Making sure your loved ones are covered

It’s important to think about whether you have dependents on your current health insurance plan. If you’re the primary insurance holder on your plan, when you sign up for Medicare your dependents will no longer be covered under that plan or under your new Medicare plan. Perfiniti agents can show you options to provide coverage for your family.

How to Enroll in Original Medicare

Explore Plan Options

Once you have enrolled in Original Medicare you will want to explore the plan options available to you.  Original Medicare only covers 80% of the costs of care and does not include Prescription Drug Coverage. Perfiniti agents can help you find plans that fit your needs. Click the links below for more information.

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