Turning 65? Here’s What you Need to Know about Medicare

Its almost your 65th birthday – Happy Birthday!

Medicare is a confusing concept, but Anchor Advisors are here to help!

In order to ensure that you do not have any gaps in your health insurance coverage, we recommend scheduling an appointment to see us THREE MONTHS prior to the month that you will turn 65.  This will make sure that you are signed up with Medicare Part A (that’s the one you’ve been paying into your whole working life) before you actually turn 65 and you may lose your current coverage.

It is also a good idea to enroll in Medicare Part B and Part D at the same time you enroll in Part A.  If you have Medicare-deemed credible coverage, you do not need to sign up for Parts B or D because you are receiving your healthcare benefits.  However, if you do not sign up for Parts B and D without having credible coverage, you will be charged a separate penalty for both Part B and Part D (one or both, depending on what you don’t sign up for upon reaching the age of 65) for every month that you went without coverage.  This penalty is calculated by the Social Security Administration, and you are responsible for paying this Part B OR Part D penalty every month for the rest of your time on Medicare, in addition to any monthly premiums for Parts B and D.

To avoid having to pay any penalties, come see Jim or Dora THREE MONTHS before the month you turn 65 so that you will be set up correctly with Medicare from the start.

 

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