I’m turning 65 years old what do I need to know about medicare insurance? First of all, congratulations on attaining the age to enjoy medicare insurance. This time can be extremely confusing, but our goal is to help you understand each component of Medicare as we assist you in making the best decision for your healthcare.
Once you turn 65 years of age, you automatically receive Medicare Part A, as long as you worked and paid taxes for 10 years during your working years. You can receive Medicare Part B, once you turn 65 as well, or if you’re still working and have private health insurance through your employer. If you are working and keep the insurance do not worry once you retire because you can automatically get a Medicare Supplement or Medicare Advantage plan without health questions. You can obtain Medicare Part B, through the Social Security Office.
Once you obtain Medicare Part B, you have six months before/ after you turn 65, to sign up for a Medicare Supplement Plan. You have three months before your 65th birthday to sign up for a Medicare Advantage plan. Medicare Supplement has different plans with which you might be familiar. They are: F- high deductible, G, and N. These plans are the same across all companies who provide Medicare supplements. The only difference between the companies is the premium each company charges the Medicare recipient. Medicare Part C is considered the supplement or the advantage plan whichever coverage you choose.
Medicare Part D is the drug card in which you use to help reduce the price of prescriptions. The Medicare Advantage plans offer a drug card with the health insurance, or if you choose a medicare supplement you will have a stand alone drug card, which could be different from the Medicare supplement company.
The best way to see which Medicare drug card is best for you is to enter the list of your prescriptions at medicare.gov This will allow you to see exactly where your medications fall in the governmental tier plan and how much your out of pocket expense is going to be. Some prescription drug plans cover different medications better than others. If you elect not to obtain a drug card because you aren’t currently taking medications, or in subsequent years you find you are and you want coverage, there will be a penalty. Medicare charges 1% per month from the time you could have obtained a drug card and did not.
To summarize: after working and paying taxes for at least 10 years, you are automatically going to receive Medicare Part A. Once you are done working and want to have Medicare Health Insurance, you apply for Medicare Part B at the nearest Social Security Office. Then you pick the health plan that best covers you, whether it is a Medicare Supplement or Medicare Advantage Plan. Depending on which coverage you choose, you must then obtain a drug care coverage card. J.Carter & Associates has advised and helped hundreds of seniors navigate the sometimes confusing and complicated road of Medicare health insurance. Contact us today if you need help.