Medicare & Social Security Guidance
Medicare, Step-by-Step
1. See if you’re eligible.
We can help you discover the best options for you and where you are when you reach retirement age and Medicare eligibility.
2. Apply.
The only parts of Medicare you will enroll in via the Social Security office are your Original Medicare Parts A & B. We will help determine if you need to enroll in both Parts A & B, or delay Part B and apply for Part A only.
3. Verify your coverage.
Not sure if you have the right coverage? Medicare A & B only covers 80% of your health insurance. Let us complete a health analysis on you and together we can decide what plan best fits your needs.
4. Get Medicare drug coverage.
You should consider a Medicare Part D plan, regardless if you take prescription drugs or not. Part D plans are provided by private insurers, have a monthly premium, and are optional. You’ll want to enroll in Part D coverage within 63 days of your Initial Enrollment Period or risk extra fees.
5. Do an annual review.
We will analyze your current plan vs. other plans to make sure your changing needs are covered.
Medicare Supplements
- These are also known as Medigap Plans A, B, C, D, F, G, K, L, M and N.
- Medicare supplements are a type of private insurance that specifically covers the gaps original Medicare does not.
- These may include co-pays, deductibles, and coinsurance.
Medicare Advantage (Part C)
- This is the managed-care form of Medicare run by private insurance companies.
- They usually have lower premiums than Medigap plans, sometimes even $0.
- These plans are network-based. If you have preferred doctors and facilities, work with us to ensure that they are included in your insurance carrier’s network.
- Out-of-pocket costs are capped each year.
- Advantage plans may include prescription drug plans, dental, vision, hearing aids, gym memberships and OTC (over-the-counter) benefits.
Medicare Drug Coverage (Part D)
- Part D covers prescription drug costs with plans offered by private insurance companies.
- Medicare drug coverage is optional.
- If you decide not to get coverage when you’re first eligible, and you don’t have other creditable prescription drug coverage or get Extra Help, you’ll likely pay a late enrollment penalty if you join a plan later.
- Each Part D plan can vary in cost and specific drugs covered under its formulary.
FAQs
- You are eligible to enroll in Social Security as early as age 62 or earlier if disabled, although many people wait until their full retirement age (FRA) which is age 66 for people born between 1943 and 1954. If you wait until age 65, you will automatically be enrolled in Medicare A and B and can optionally dis-enroll from Medicare Part B but not Medicare Part A.
- If you are not yet collecting Social Security benefits (collecting can be delayed until age 70), then you can manually enroll in Medicare A and optionally enroll in Medicare Part B at age 65.
- If you are working for a company with fewer than 20 employees, then you need to find out if the insurance company carrying your coverage requires both A and B (some require just A while others require both A and B.) If more than 20 employees, then you do not need to enroll in Medicare at all if you don’t want to. Again, if you are enrolled in Social Security benefits and turn age 65 then enrollment will then be automatic.
It depends on your coverage. You do not need to act to renew your coverage every year. This is true whether you are in Original Medicare, Medigap plans, a Medicare Advantage plan, or a Medicare prescription drug plan. As long as you continue to pay any necessary premiums, your Medicare coverage should automatically renew every year.
We do, however, recommend that you review your “Annual Notice of Change” letter to determine if your current plan still makes sense for the upcoming year. We have helped thousands of people over the years determine if they should stay on their current Medicare health plan or change their plans during the Annual Enrollment Period (AEP) which occurs every year from October 15th-December 7th.
Currently, the Annual Enrollment Period (AEP) is the one time of year that someone can enroll, disenroll, or change their Medicare Advantage or Part D Prescription Plan. The Annual Enrollment Period runs from October 15th - December 7th yearly and is the only time of the year that allows you to switch your Part D Prescription plan and Medicare Advantage Plan.
When you enrolled during AEP, your new plan would start on January 1st and you will be locked in until the AEP the following year for a Prescription Drug Plan and Medicare Advantage Plan. Presently, the only exception is the Medicare Advantage Disenrollment Period.
Here is what you can do during the Medicare Annual Enrollment Period:
- Change to a Medicare Advantage Plan from Original Medicare, Part A, and Part B.
- Change from a Medicare Advantage Plan to Original Medicare, Part A, and Part B.
- Change from one Medicare Advantage Plan to another (regardless of whether either plan offers drug coverage).
- Enroll in a Part D Prescription Drug Plan.
- Change from one Medicare Prescription Drug Plan to another.
- Opt out of Medicare Prescription Drug coverage completely.
A Medicare insurance broker is an independent agent who is licensed by many different insurance companies to give you an objective opinion on your Medicare plan options. They can recommend a plan that fits your individual needs and budget.
The rates you pay for your insurance are exactly the same as if you went direct to the carrier, but we will do the leg work to see which plans are most affordable according to your prescription medications and are accepted by your doctors.
You will pay absolutely nothing for our assistance!