Often when I receive a call from a new client, it’s someone going through some kind of life change. Most commonly, it’s one of three reasons: a 65th birthday around the corner, an individual or family new to the area, or a Medicare-eligible person leaving their employer plan after age 65. Below, I will share a bit about these issues which may apply to you.
Because I specialize in Medicare, the most common call I receive is from people aging into Medicare by turning 65. Some folks get confused about when they qualify for Medicare since age 62 is when you can begin collecting Social Security benefits. There are exceptions to the standard age of entry such as being on SSI Disability for 24 months or having ESRD (End-Stage Renal Disease), but 65 is the standard.
Typically, if you’re collecting Social Security benefits, you’ll be automatically enrolled in Medicare Parts A & B about three months before your 65th birthday. Your initial enrollment period is 7 months: three months before your birth month, your birth month, and three months afterward. Should you not enroll then, you’ll have to wait until the annual enrollment period, (AEP) which starts every October 15 and ends on December 7. Don’t delay too long because you will also be subject to a late enrollment penalty if you wait more than 63 days past your eligibility window and don’t have other creditable coverage like an employer health plan still in effect.
Next are folks who move to a different service area, triggering an SEP. This Special Enrollment Period starts the month before you move and lasts for two months after your move. Those on a Medicare Supplement plan only need to notify their insurance company for billing purposes. But if you’re on an ACA plan, a Medicare Advantage plan, or a PDP plan, you’ll have to change it.
The third group includes those who stayed on their employer’s health plan after turning 65. They may be enrolled in Medicare Part A but not Part B. Once you come off your employer’s group insurance, you need Medicare Part B in order to enroll in a Supplement or Advantage plan. If you had an HSA (Health Savings Account), you can’t contribute once you enroll in any Part of Medicare, but the money you’ve contributed can still be spent on qualifying expenses.
Changing plans can be confusing, but you don’t need to figure it out by yourself. I suggest calling a local, certified broker whose services are free to you. Sadly, there are predatory advertisements out there that coax people into calling their 800 number, collect your information, and (likely) inform you that you don’t qualify for the incentive that hooked you. Then you’re pushed toward an Advantage plan they can sell you. You will never talk to that broker again.
If you would like to find someone locally, I would be excited to hear from you. I am an independent licensed broker in Santa Rosa Beach. I am certified with many different insurance carriers, and I am happy to answer your questions and assist any way that I can.
Email me at christian@evergreenhealthins.com or call (850) 687-7606.
Author: Sowal Editor
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