Puzzled by Medicare - Putting the Pieces Together!
Did you know that 20% of the population will be over 65 in 2050? What does that mean for Medicare? Since the population is shifting, many seniors will need assistance navigating the annual changes that take place in the world of Medicare. Here are some of the Medicare considerations Stuart Stackhouse offers guidance with.
Medicare Pitfalls & Enrollment
For most people, Medicare starts at 65 (many people think that it coincides with early enrollment at 62, but that’s not the case). If you enroll in social security at 62, you are automatically enrolled in Medicare at 65. If you don’t enroll in social security by age 62, then you need to manually enroll in Medicare when you turn 65 or face a lifetime penalty of 10% in higher premiums for every year of enrollment missed.
The government does not reach out to individuals to let them know that they need to enroll! When individuals reach age 64, it’s time to start looking into enrollment. The enrollment period begins 3 months before the month they turn 65, and continues 3 months after reaching age 65. The enrollment options are:
Medicare Part A: Hospital
Medicare Part B: Medical
Medicare Part D: Prescription Drug Plan (Optional)
Medicare Part C: Medicare Advantage (Optional)
The 10% penalty applies for any of these plans if you do not enroll on time. Also important to note, is that your Medicare part B premium is automatically deducted from your social security payment each month.
Planning to Find a Plan
The first step in planning for your Medicare needs- don’t worry! My job is to help people figure out the puzzle. If you live in the same household or have unique health circumstances, my main objective is to help people remain comfortable and ensure that their healthcare needs are met.
Since Medicare changes every year, the pieces shuffle around and it’s a must for people to review their plans each year. If you’re new to Medicare, I encourage you to start a “my social security account” at ssa.gov. You can enroll electronically or at your local social security office.
Once you’re registered, Stuart Stackhouse will help you compare the details of the best plans and ensure that you are properly covered. You can also visit Medicare.gov to learn more about each plan and review the annual price adjustments.
Connect With StuartToday!
Call 916-798-0869
stuart@ssiaonline.com