When you turn 65, you can expect to become eligible for Medicare. However, in the months before your 65th birthday, you will likely be bombarded with messages about enrolling in Medicare, which can make for a lot of confusion when it comes time to enroll.
With all the mailers, phone calls, and other communications, it can be difficult to understand how Medicare works.
Here are 3 easy steps to take to ensure you enroll in Medicare when you are eligible so you do not miss out on your enrollment period.
Step 1: Apply for Medicare Part A and B
The first step in this process is to get your red, white, and blue Medicare card. This means that you are officially eligible for Medicare and you have successfully completed the process.
Medicare Part A is for hospitalization coverage and Medicare Part B is for medical coverage. To initially enroll in Medicare you only need to have Medicare Part A, but it is recommended to have Part B so you do not get penalized.
It is important that you enroll in Medicare once you are eligible because you could be penalized for each month and/ or year you do not enroll in coverage depending on how long you have delayed enrollment.
However, there are exceptions to enrollment. It is now common to be working past 65, so enrolling in Part B is not necessary unless you have 20 or fewer employees at your company
How to enroll
If you are already receiving Social Security benefits prior to turning 65, then you will receive your Medicare card in the mail once you turn 65. This will be for Part A, and you still have to apply for Part B.
Please note, that you can opt to enroll in Medicare Part B at the time of applying for Social Security benefits, but only if you are 65 or older.
If you do not receive Social Security benefits, you will have to submit a new application for Medicare. To do this, you can go online to the Social Security website and submit your application, or you can fill out the application and mail or fax it in to Social Security.
Once your application is approved you will get your card in the mail and be issued a Medicare ID number.
Step 2: Get help from an enrollment professional
Find an enrollment professional to work with you to help guide you through the process of finding additional Medicare products. Enrollment professionals include brokers or sales representatives from insurance companies directly.
Brokers work directly with insurance companies and also take extensive training each year to maintain certification for Medicare. They generally have access to many different products and can help find one that fits best for you.
While it is not required to use a broker, it helps to have a point of contact during Open Enrollment.
Step 3: Enroll in other Medicare products
Having Original Medicare (Part A and B) may not be the best option for you. With this option, you have to pay 20% of all costs that come up after your deductible. There are other products out there that can help lower your out-of-pocket costs and give you extra benefits.
In addition to Medicare Part A and B, you will need to enroll in Medicare Part D, or drug coverage. Because of this, you will need to spend time looking at other products from various carriers. Having an enrollment professional or broker will help make this process easier because they know what products are available and which one could work best for you.